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Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 569.60 Td () Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 53.00 548.22 Td () Tj ET Q /GS0 gs q 10.69 0 0 11.72 65.00 545.63 cm /I2 Do Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 96.00 548.47 Td (Transition Report Pursuant to Section13 or 15 \(d\)of the Securities Exchange Act of 1934) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 522.60 Td (For) Tj ET Q q 0 0 0 rg BT 114.37 522.60 Td ( the transition period fr) Tj ET Q q 0 0 0 rg BT 214.73 522.60 Td (om ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 230.5625 521.03505859375 m 280.5625 521.03505859375 l s q 0 0 0 rg BT 230.56 522.60 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.56 522.60 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 293.892578125 521.03505859375 m 343.892578125 521.03505859375 l s q 0 0 0 rg BT 293.89 522.60 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.15 501.60 Td (Commission file number) Tj ET Q q 0 0 0 rg BT 342.97 501.60 Td ( 1-8777) Tj ET Q BT /F2 24.00 Tf ET q 0 0 0 rg BT 138.55 463.80 Td (VIRCO MFG. CORPORA) Tj ET Q q 0 0 0 rg BT 412.08 463.80 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.70 451.80 Td (\(Exact name of registrant as specified in its charter\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 441.00 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 416.5 m 301.5 416.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 416.5 m 320.5 416.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 416.5 m 562.5 416.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 379.5 m 301.5 379.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 379.5 m 320.5 379.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 379.5 m 562.5 379.5 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.40 421.07 Td (DELAWARE) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.00 420.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.80 421.07 Td (95-1613718) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 407.07 Td (\(State or other jurisdiction of incorporation or 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403.72 333.00 Td (Act:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 299.5 m 301.5 299.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 299.5 m 320.5 299.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 299.5 m 562.5 299.5 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.40 304.07 Td (Title of each class) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.00 303.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 304.07 Td (Name of each exchange on which registered:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.00 290.07 Td (Common Stock, $0.01 Par Value) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.00 289.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 290.07 Td (NASDAQ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.90 265.00 Td (Securities registered pursuant to Section12\(g\) of the ) Tj ET Q q 0 0 0 rg BT 391.62 265.00 Td (Act: None) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.00 Td (Indicate by check mark if the issuer is a well-known seasoned issuer as defined in Rule405 of the Securities ) Tj ET Q q 0 0 0 rg BT 485.43 244.00 Td (Act. ) Tj ET Q q 0 0 0 rg BT 504.50 244.00 Td (Y) Tj ET Q q 0 0 0 rg BT 510.72 244.00 Td (es ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 521.55 241.84 cm /I3 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.46 244.00 Td ( No ) Tj ET Q /GS0 gs q 8.92 0 0 10.09 547.69 241.84 cm /I4 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.00 Td (Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15\(d\) of the Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.00 Td (Act. ) Tj ET Q q 0 0 0 rg BT 69.07 211.00 Td (Y) Tj ET Q q 0 0 0 rg BT 75.29 211.00 Td (es) Tj ET Q /GS0 gs q 8.91 0 0 10.09 86.12 208.84 cm /I5 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.03 211.00 Td ( No ) Tj ET Q /GS0 gs q 8.92 0 0 10.09 112.25 208.84 cm /I6 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.00 Td (Indicate by check mark whether the registrant \(1\)has filed all 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Td (, every ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.00 Td (Interactive Data File required to be submitted and posted pursuant to Rule405 of RegulationS-T) Tj ET Q q 0 0 0 rg BT 438.34 133.00 Td ( \(232.405 of this chapter\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.00 Td (during the preceding 12months \(or for such shorter period that the registrant was required to submit and post such files\). ) Tj ET Q q 0 0 0 rg BT 535.63 121.00 Td (Y) Tj ET Q q 0 0 0 rg BT 541.85 121.00 Td (es ) Tj ET Q /GS0 gs q 8.92 0 0 10.09 552.68 118.84 cm /I9 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.59 121.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.00 Td (No ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 64.72 106.84 cm /I10 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.00 Td (Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of RegulationS-K \(229.405 of this chapter\) is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.00 Td (not contained herein, and will not be contained, to the best of registrant) Tj ET Q q 0 0 0 rg BT 337.70 76.00 Td (s knowledge, in definitive proxy or information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.00 Td (statements incorporated by reference in PartIII of this Form 10-K or any amendment to this Form 10-K. ) Tj ET Q /GS0 gs q 8.92 0 0 10.09 470.17 61.84 cm /I11 Do Q endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Indicate by check mark whether the registrant is a lar) Tj ET Q q 0 0 0 rg BT 262.23 742.10 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 337.88 742.10 Td (, an accelerated filer) Tj ET Q q 0 0 0 rg BT 418.53 742.10 Td (, a non-accelerated filer) Tj ET Q q 0 0 0 rg BT 512.50 742.10 Td (, or a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (smaller reporting company) Tj ET Q q 0 0 0 rg BT 157.09 730.10 Td (. See the definitions of lar) Tj ET Q q 0 0 0 rg BT 264.66 730.10 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 340.31 730.10 Td (, accelerated filer and smaller reporting company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (in Rule12b-2 of the Exchange ) Tj ET Q q 0 0 0 rg BT 174.41 718.10 Td (Act. \(Check one\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.90 689.17 Td (Lar) Tj ET Q q 0 0 0 rg BT 68.60 689.17 Td (ge accelerated filer ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 147.15 687.01 cm /I12 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 164.00 688.85 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.80 689.17 Td (Accelerated filer ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 246.19 687.01 cm /I13 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.00 688.85 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.45 689.17 Td (Non-accelerated filer ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 385.61 687.01 cm /I14 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.00 688.85 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.05 689.17 Td (Smaller reporting company ) Tj ET Q /GS0 gs q 8.92 0 0 10.09 547.96 687.01 cm /I15 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 164.00 664.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.00 664.85 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.85 675.17 Td (\(Donotcheckifasmallerreporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.50 665.17 Td (company\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.00 664.85 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 644.10 Td (Indicate by check mark whether the registrant is a shell company \(as defined in Rule12b-2 of the Exchange ) Tj ET Q q 0 0 0 rg BT 483.46 644.10 Td (Act.\) ) Tj ET Q q 0 0 0 rg BT 505.86 644.10 Td (Y) Tj ET Q q 0 0 0 rg BT 512.08 644.10 Td (es ) Tj ET Q /GS0 gs q 8.91 0 0 10.09 522.91 641.94 cm /I16 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.82 644.10 Td ( No ) Tj ET Q /GS0 gs q 8.92 0 0 10.09 549.04 641.94 cm /I17 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.10 Td (The aggregate market value of the voting and non-voting common stock held by non-af) Tj ET Q q 0 0 0 rg BT 400.00 623.10 Td (filiates of the registrant on July31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.10 Td (2014, was $36million \(based upon the closing price of the registrant) Tj ET Q q 0 0 0 rg BT 327.72 611.10 Td (s common stock on such day) Tj ET Q q 0 0 0 rg BT 442.33 611.10 Td (, as reported by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (NASDAQ\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (As of ) Tj ET Q q 0 0 0 rg BT 73.89 578.10 Td (April1, 2015, there were 14,852,640 shares of the registrant) Tj ET Q q 0 0 0 rg BT 317.99 578.10 Td (s common stock \($0.01 par value\) outstanding.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 557.10 Td (DOCUMENTS INCORPORA) Tj ET Q q 0 0 0 rg BT 178.43 557.10 Td (TED BY) Tj ET Q q 0 0 0 rg BT 215.01 557.10 Td ( REFERENCE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 536.10 Td (Portions of the Registrant) Tj ET Q q 0 0 0 rg BT 155.27 536.10 Td (s definitive proxy statement for its 2015 ) Tj ET Q q 0 0 0 rg BT 317.19 536.10 Td (Annual Meeting of Stockholders to be filed with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 524.10 Td (Securities and Exchange Commission are incorporated by reference into PartIII of this ) Tj ET Q q 0 0 0 rg BT 400.17 524.10 Td (Annual Report on Form 10-K as set ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 512.10 Td (forth herein.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 501.6 m 561.5 501.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 497.6 m 561.5 497.6 l s BT /F1 10.00 Tf ET endstream endobj 7 0 obj <><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><>] /Rotate 0 /Contents 8 0 R>> endobj 8 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (2) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 252.65 740.68505859375 m 359.339453125 740.68505859375 l s q 0 0 0 rg BT 252.65 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 258.58 742.25 Td (ABLE OF) Tj ET Q q 0 0 0 rg BT 301.82 742.25 Td ( CONTENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 731.45 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 693.95 m 559.5 693.95 l s BT /F1 9.50 Tf ET q 0 0 0 rg BT 529.75 708.01 Td (Page) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 522.60 698.51 Td (numbers) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 683.1833984375 m 82.6923828125 683.1833984375 l s q 0 0 1 rg BT 53.00 684.52 Td (P) Tj ET Q q 0 0 1 rg BT 57.64 684.52 Td (AR) Tj ET Q q 0 0 1 rg BT 70.93 684.52 Td (T) Tj ET Q q 0 0 1 rg BT 76.86 684.52 Td (I) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 668.1833984375 m 137.38671875 668.1833984375 l s q 0 0 1 rg BT 71.00 669.52 Td (Item1. Business) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 653.1833984375 m 159.3251953125 653.1833984375 l s q 0 0 1 rg BT 71.00 654.52 Td (Item1A. Risk Factors) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 638.1833984375 m 222.1865234375 638.1833984375 l s q 0 0 1 rg BT 71.00 639.52 Td (Item1B. Unresolved Staf) Tj ET Q q 0 0 1 rg BT 173.02 639.52 Td (f Comments) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 623.1833984375 m 142.3720703125 623.1833984375 l s q 0 0 1 rg BT 71.00 624.52 Td (Item2. Properties) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 608.1833984375 m 175.9658203125 608.1833984375 l s q 0 0 1 rg BT 71.00 609.52 Td (Item3. Legal Proceedings) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 593.1833984375 m 200.140625 593.1833984375 l s q 0 0 1 rg BT 71.00 594.52 Td (Item4. Mine Safety Disclosures) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 578.1833984375 m 86.0224609375 578.1833984375 l s q 0 0 1 rg BT 53.00 579.52 Td (P) Tj ET Q q 0 0 1 rg BT 57.64 579.52 Td (AR) Tj ET Q q 0 0 1 rg BT 70.93 579.52 Td (T) Tj ET Q q 0 0 1 rg BT 76.86 579.52 Td (II) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 563.1833984375 m 513.59765625 563.1833984375 l s q 0 0 1 rg BT 71.00 564.52 Td (Item 5. Market for Registrant) Tj ET Q q 0 0 1 rg BT 193.74 564.52 Td (s Common Equity) Tj ET Q q 0 0 1 rg BT 265.88 564.52 Td (, Related Stockholder Matters and Issuer Purchases of Equity ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 553.1833984375 m 110.43359375 553.1833984375 l s q 0 0 1 rg BT 71.00 554.52 Td (Securities) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 538.1833984375 m 196.7861328125 538.1833984375 l s q 0 0 1 rg BT 71.00 539.52 Td (Item6. Selected Financial Data) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 523.1833984375 m 462.6162109375 523.1833984375 l s q 0 0 1 rg BT 71.00 524.52 Td (Item 7. Management) Tj ET Q q 0 0 1 rg BT 159.31 524.52 Td (s Discussion and ) Tj ET Q q 0 0 1 rg BT 228.48 524.52 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 508.18339843750005 m 348.4365234375 508.18339843750005 l s q 0 0 1 rg BT 71.00 509.52 Td (Item7A. Quantitative and Qualitative Disclosures about Market Risk) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 493.18339843750005 m 286.7763671875 493.18339843750005 l s q 0 0 1 rg BT 71.00 494.52 Td (Item8. Financial Statements and Supplementary Data) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 478.18339843750005 m 467.0302734375 478.18339843750005 l s q 0 0 1 rg BT 71.00 479.52 Td (Item 9. Changes in and Disagreements with ) Tj ET Q q 0 0 1 rg BT 250.13 479.52 Td (Accountants on ) Tj ET Q q 0 0 1 rg BT 314.56 479.52 Td (Accounting and Financial Disclosures) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 463.18339843750005 m 207.3623046875 463.18339843750005 l s q 0 0 1 rg BT 71.00 464.52 Td (Item9A. Controls and Procedures) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 448.18339843750005 m 181.52734375 448.18339843750005 l s q 0 0 1 rg BT 71.00 449.52 Td (Item9B. Other Information) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 433.18339843750005 m 89.3525390625 433.18339843750005 l s q 0 0 1 rg BT 53.00 434.52 Td (P) Tj ET Q q 0 0 1 rg BT 57.64 434.52 Td (AR) Tj ET Q q 0 0 1 rg BT 70.93 434.52 Td (T) Tj ET Q q 0 0 1 rg BT 76.86 434.52 Td (III) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 418.18339843750005 m 403.470703125 418.18339843750005 l s q 0 0 1 rg BT 71.00 419.52 Td (Item10. Directors, Executive Of) Tj ET Q q 0 0 1 rg BT 201.88 419.52 Td (ficers of the Registrant and Corporate Governance) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 403.18339843750005 m 206.7080078125 403.18339843750005 l s q 0 0 1 rg BT 71.00 404.52 Td (Item1) Tj ET Q q 0 0 1 rg BT 96.45 404.52 Td (1. Executive Compensation) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 388.18339843750005 m 511.9814453125 388.18339843750005 l s q 0 0 1 rg BT 71.00 389.52 Td (Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 373.18339843750005 m 409.5205078125 373.18339843750005 l s q 0 0 1 rg BT 71.00 374.52 Td (Item13. Certain Relationships and Related ) Tj ET Q q 0 0 1 rg BT 245.50 374.52 Td (T) Tj ET Q q 0 0 1 rg BT 251.26 374.52 Td (ransactions, and Director Independence) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 358.18339843750005 m 265.677734375 358.18339843750005 l s q 0 0 1 rg BT 71.00 359.52 Td (Item14. Principal ) Tj ET Q q 0 0 1 rg BT 144.88 359.52 Td (Accounting Fees and Services) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 343.18339843750005 m 89.82373046875 343.18339843750005 l s q 0 0 1 rg BT 53.00 344.52 Td (P) Tj ET Q q 0 0 1 rg BT 57.64 344.52 Td (AR) Tj ET Q q 0 0 1 rg BT 70.93 344.52 Td (T) Tj ET Q q 0 0 1 rg BT 76.86 344.52 Td (IV) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 328.18339843750005 m 267.9091796875 328.18339843750005 l s q 0 0 1 rg BT 71.00 329.52 Td (Item15. Exhibits, Financial Statement Schedules) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 313.18339843750005 m 114.1181640625 313.18339843750005 l s q 0 0 1 rg BT 53.00 314.52 Td (SIGNA) Tj ET Q q 0 0 1 rg BT 82.45 314.52 Td (TURES) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 298.18339843750005 m 157.638671875 298.18339843750005 l s q 0 0 1 rg BT 53.00 299.52 Td (POWER OF ) Tj ET Q q 0 0 1 rg BT 105.23 299.52 Td (A) Tj ET Q q 0 0 1 rg BT 111.34 299.52 Td (TT) Tj ET Q q 0 0 1 rg BT 123.38 299.52 Td (ORNEY) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 59.00 284.52 Td (EX-10.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 269.52 Td (EX-21.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 254.52 Td (EX-23.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 239.52 Td (EX-31.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 224.52 Td (EX-31.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 209.52 Td (EX-32.1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 536.5 667.2833984375001 m 541.5 667.2833984375001 l s q 0 0 1 rg BT 536.50 668.62 Td (3) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 652.2833984375001 m 544 652.2833984375001 l s q 0 0 1 rg BT 534.00 653.62 Td (13) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 637.2833984375001 m 544 637.2833984375001 l s q 0 0 1 rg BT 534.00 638.62 Td (19) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 622.2833984375001 m 544 622.2833984375001 l s q 0 0 1 rg BT 534.00 623.62 Td (19) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 607.2833984375001 m 544 607.2833984375001 l s q 0 0 1 rg BT 534.00 608.62 Td (20) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 592.2833984375001 m 544 592.2833984375001 l s q 0 0 1 rg BT 534.00 593.62 Td (20) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 552.2833984375001 m 544 552.2833984375001 l s q 0 0 1 rg BT 534.00 553.62 Td (21) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 537.2833984375001 m 544 537.2833984375001 l s q 0 0 1 rg BT 534.00 538.62 Td (22) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 522.2833984375001 m 544 522.2833984375001 l s q 0 0 1 rg BT 534.00 523.62 Td (23) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 507.28339843750007 m 544 507.28339843750007 l s q 0 0 1 rg BT 534.00 508.62 Td (38) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 492.28339843750007 m 544 492.28339843750007 l s q 0 0 1 rg BT 534.00 493.62 Td (39) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 477.28339843750007 m 544 477.28339843750007 l s q 0 0 1 rg BT 534.00 478.62 Td (65) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 462.28339843750007 m 544 462.28339843750007 l s q 0 0 1 rg BT 534.00 463.62 Td (65) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 447.28339843750007 m 544 447.28339843750007 l s q 0 0 1 rg BT 534.00 448.62 Td (66) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 417.28339843750007 m 544 417.28339843750007 l s q 0 0 1 rg BT 534.00 418.62 Td (67) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 402.28339843750007 m 544 402.28339843750007 l s q 0 0 1 rg BT 534.00 403.62 Td (67) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 387.28339843750007 m 544 387.28339843750007 l s q 0 0 1 rg BT 534.00 388.62 Td (67) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 372.28339843750007 m 544 372.28339843750007 l s q 0 0 1 rg BT 534.00 373.62 Td (67) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 357.28339843750007 m 544 357.28339843750007 l s q 0 0 1 rg BT 534.00 358.62 Td (67) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 327.28339843750007 m 544 327.28339843750007 l s q 0 0 1 rg BT 534.00 328.62 Td (68) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 312.28339843750007 m 544 312.28339843750007 l s q 0 0 1 rg BT 534.00 313.62 Td (70) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 534 297.28339843750007 m 544 297.28339843750007 l s q 0 0 1 rg BT 534.00 298.62 Td (71) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.80 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 295.17 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 309.26 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 315.75 742.25 Td ( I) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 716.75 Td (Cautionary Statement Regarding Forward-Looking Statements) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 700.25 Td (This r) Tj ET Q q 0 0 0 rg BT 73.25 700.25 Td (eport on Form 10-K contains a number of forwar) Tj ET Q q 0 0 0 rg BT 276.22 700.25 Td (d-looking statements that r) Tj ET Q q 0 0 0 rg BT 388.90 700.25 Td (eflect V) Tj ET Q q 0 0 0 rg BT 418.42 700.25 Td (ir) Tj ET Q q 0 0 0 rg BT 424.72 700.25 Td (co Mfg. Corporation's \( the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 688.25 Td ("Company" or "V) Tj ET Q q 0 0 0 rg BT 120.19 688.25 Td (ir) Tj ET Q q 0 0 0 rg BT 126.48 688.25 Td (co"\) curr) Tj ET Q q 0 0 0 rg BT 162.80 688.25 Td (ent views with r) Tj ET Q q 0 0 0 rg BT 225.48 688.25 Td (espect to futur) Tj ET Q q 0 0 0 rg BT 282.32 688.25 Td (e events and financial performance, including, but not limited to, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 676.25 Td (availability of funding for educational institutions, statements r) Tj ET Q q 0 0 0 rg BT 302.95 676.25 Td (egar) Tj ET Q q 0 0 0 rg BT 320.91 676.25 Td (ding plans and objectives of management for futur) Tj ET Q q 0 0 0 rg BT 522.47 676.25 Td (e ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 664.25 Td (operations, including plans and objectives r) Tj ET Q q 0 0 0 rg BT 225.72 664.25 Td (elating to pr) Tj ET Q q 0 0 0 rg BT 274.79 664.25 Td (oducts, pricing, marketing, expansion, manufacturing pr) Tj ET Q q 0 0 0 rg BT 500.79 664.25 Td (ocesses, and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (business strategies; the Company's ability to continue to contr) Tj ET Q q 0 0 0 rg BT 298.96 652.25 Td (ol costs and inventory levels; availability and cost of raw ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (materials, especially steel and petr) Tj ET Q q 0 0 0 rg BT 189.32 640.25 Td (oleum-based pr) Tj ET Q q 0 0 0 rg BT 251.44 640.25 Td (oducts; the availability and cost of labor; the potential impact of the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (Company's Assemble-T) Tj ET Q q 0 0 0 rg BT 148.16 628.25 Td (o-Ship pr) Tj ET Q q 0 0 0 rg BT 190.85 628.25 Td (ogram on earnings; market demand; the Company's ability to position itself in the market; ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (r) Tj ET Q q 0 0 0 rg BT 53.52 616.25 Td (efer) Tj ET Q q 0 0 0 rg BT 68.70 616.25 Td (ences to curr) Tj ET Q q 0 0 0 rg BT 120.53 616.25 Td (ent and futur) Tj ET Q q 0 0 0 rg BT 171.83 616.25 Td (e investments in and utilization of infrastructur) Tj ET Q q 0 0 0 rg BT 359.79 616.25 Td (e; statements r) Tj ET Q q 0 0 0 rg BT 418.29 616.25 Td (elating to management's beliefs ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (that cash flow fr) Tj ET Q q 0 0 0 rg BT 114.91 604.25 Td (om curr) Tj ET Q q 0 0 0 rg BT 146.48 604.25 Td (ent operations, existing cash r) Tj ET Q q 0 0 0 rg BT 266.93 604.25 Td (eserves, and available lines of cr) Tj ET Q q 0 0 0 rg BT 398.20 604.25 Td (edit will be sufficient to support the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (Company's working capital r) Tj ET Q q 0 0 0 rg BT 165.93 592.25 Td (equir) Tj ET Q q 0 0 0 rg BT 186.67 592.25 Td (ements to fund existing operations; r) Tj ET Q q 0 0 0 rg BT 333.23 592.25 Td (efer) Tj ET Q q 0 0 0 rg BT 348.40 592.25 Td (ences to expectations of futur) Tj ET Q q 0 0 0 rg BT 465.22 592.25 Td (e r) Tj ET Q q 0 0 0 rg BT 475.68 592.25 Td (evenues; pricing; ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (and seasonality) Tj ET Q q 0 0 0 rg BT 111.94 580.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 559.25 Td (Such statements involve known and unknown risks, uncertainties, assumptions and other factors, many of which ar) Tj ET Q q 0 0 0 rg BT 509.03 559.25 Td (e out of the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 547.25 Td (Company's contr) Tj ET Q q 0 0 0 rg BT 117.60 547.25 Td (ol and difficult to for) Tj ET Q q 0 0 0 rg BT 200.56 547.25 Td (ecast, that may cause actual r) Tj ET Q q 0 0 0 rg BT 319.61 547.25 Td (esults to differ materially fr) Tj ET Q q 0 0 0 rg BT 429.23 547.25 Td (om those which ar) Tj ET Q q 0 0 0 rg BT 502.47 547.25 Td (e anticipated. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 535.25 Td (Such factors include, but ar) Tj ET Q q 0 0 0 rg BT 160.45 535.25 Td (e not limited to, changes in, or the Company's ability to pr) Tj ET Q q 0 0 0 rg BT 393.58 535.25 Td (edict, general economic conditions, the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 523.25 Td (availability and cost of raw materials, the markets for school and office furnitur) Tj ET Q q 0 0 0 rg BT 369.89 523.25 Td (e generally and specifically in ar) Tj ET Q q 0 0 0 rg BT 501.43 523.25 Td (eas and with ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 511.25 Td (customers with which the Company conducts its principal business activities, the rate of appr) Tj ET Q q 0 0 0 rg BT 423.49 511.25 Td (oval of school bonds for the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 499.25 Td (construction of new schools, the extent to which existing schools or) Tj ET Q q 0 0 0 rg BT 318.76 499.25 Td (der r) Tj ET Q q 0 0 0 rg BT 338.11 499.25 Td (eplacement furnitur) Tj ET Q q 0 0 0 rg BT 416.89 499.25 Td (e, customer confidence, competition ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 487.25 Td (and other factors included in the Risk Factors section of this r) Tj ET Q q 0 0 0 rg BT 309.34 487.25 Td (eport.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (In this r) Tj ET Q q 0 0 0 rg BT 81.30 466.25 Td (eport, wor) Tj ET Q q 0 0 0 rg BT 122.60 466.25 Td (ds such as anticipates, believes, expects, will continue, futur) Tj ET Q q 0 0 0 rg BT 412.79 466.25 Td (e, intends, plans, estimates, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (pr) Tj ET Q q 0 0 0 rg BT 64.08 454.25 Td (ojects, potential, budgets, may) Tj ET Q q 0 0 0 rg BT 218.54 454.25 Td (, could and similar expr) Tj ET Q q 0 0 0 rg BT 330.68 454.25 Td (essions identify forwar) Tj ET Q q 0 0 0 rg BT 421.43 454.25 Td (d-looking statements. Readers ar) Tj ET Q q 0 0 0 rg BT 553.26 454.25 Td (e ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (cautioned not to place undue r) Tj ET Q q 0 0 0 rg BT 172.10 442.25 Td (eliance on forwar) Tj ET Q q 0 0 0 rg BT 242.84 442.25 Td (d-looking statements, which speak only as of the date her) Tj ET Q q 0 0 0 rg BT 471.31 442.25 Td (eof.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 421.25 Td (Thr) Tj ET Q q 0 0 0 rg BT 64.08 421.25 Td (oughout this r) Tj ET Q q 0 0 0 rg BT 119.83 421.25 Td (eport, our fiscal years ended January31, 201) Tj ET Q q 0 0 0 rg BT 301.56 421.25 Td (1, January31, 2012, January31, 2013, January31, 2014 and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 409.25 Td (January31, 2015 ar) Tj ET Q q 0 0 0 rg BT 131.29 409.25 Td (e r) Tj ET Q q 0 0 0 rg BT 141.75 409.25 Td (eferr) Tj ET Q q 0 0 0 rg BT 160.82 409.25 Td (ed to as years 2010, 201) Tj ET Q q 0 0 0 rg BT 257.84 409.25 Td (1, 2012, 2013 and 2014, r) Tj ET Q q 0 0 0 rg BT 361.36 409.25 Td (espectively) Tj ET Q q 0 0 0 rg BT 404.67 409.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 388.25 Td (Please note that this r) Tj ET Q q 0 0 0 rg BT 137.40 388.25 Td (eport includes trademarks of V) Tj ET Q q 0 0 0 rg BT 260.53 388.25 Td (ir) Tj ET Q q 0 0 0 rg BT 266.83 388.25 Td (co, including, but not limited to, the following: ZUMA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.20 388.25 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 485.70 388.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.02 388.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 493.52 388.25 Td (, ZUMAfr) Tj ET Q q 0 0 0 rg BT 532.04 388.25 Td (d, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 376.25 Td (Ph.D.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.33 376.25 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 75.83 376.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.15 376.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 83.65 376.25 Td (, I.Q.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.20 376.25 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 106.70 376.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.02 376.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 114.52 376.25 Td (, V) Tj ET Q q 0 0 0 rg BT 124.88 376.25 Td (irtuoso) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.22 376.25 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 155.72 376.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.04 376.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 163.54 376.25 Td (, Classic Series, Martest 21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.34 376.25 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 285.84 376.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.16 376.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 293.66 376.25 Td (, Lunada) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.22 376.25 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 331.72 376.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.04 376.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 339.54 376.25 Td (, Plateau) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.64 376.25 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 378.14 376.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.46 376.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 385.96 376.25 Td (, Cor) Tj ET Q q 0 0 0 rg BT 406.15 376.25 Td (e-a-Gator) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.14 376.25 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 448.64 376.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.96 376.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 456.46 376.25 Td (, Futur) Tj ET Q q 0 0 0 rg BT 483.86 376.25 Td (e ) Tj ET Q q 0 0 0 rg BT 490.62 376.25 Td (Access) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.83 376.25 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 520.33 376.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 376.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 528.15 376.25 Td (, Sigma) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 376.25 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.32 364.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 57.82 364.25 Td (, Metaphor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.26 364.25 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 104.76 364.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.08 364.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 112.58 364.25 Td (, T) Tj ET Q q 0 0 0 rg BT 122.22 364.25 Td (elos) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.33 364.25 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 140.83 364.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.15 364.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 148.65 364.25 Td (, TEXT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.99 364.25 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 179.49 364.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.80 364.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 187.30 364.25 Td (, Parameter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.07 364.25 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 237.57 364.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.89 364.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 245.39 364.25 Td (, Sage, ) Tj ET Q q 0 0 0 rg BT 284.45 364.25 Td (Analogy and Civitas. Solely for convenience, fr) Tj ET Q q 0 0 0 rg BT 495.02 364.25 Td (om time to time, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 352.25 Td (we r) Tj ET Q q 0 0 0 rg BT 67.13 352.25 Td (efer to our trademarks in this r) Tj ET Q q 0 0 0 rg BT 190.64 352.25 Td (eport without the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.97 352.25 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 261.47 352.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.79 352.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 269.29 352.25 Td (and symbols, but such r) Tj ET Q q 0 0 0 rg BT 375.94 352.25 Td (efer) Tj ET Q q 0 0 0 rg BT 391.12 352.25 Td (ences ar) Tj ET Q q 0 0 0 rg BT 424.35 352.25 Td (e not intended to indicate that we ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (will not assert, to the fullest extent under applicable law) Tj ET Q q 0 0 0 rg BT 274.23 340.25 Td (, our rights to our trademarks. In addition, other names and brands ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (included in this r) Tj ET Q q 0 0 0 rg BT 117.68 328.25 Td (eport may be claimed by us as well or by thir) Tj ET Q q 0 0 0 rg BT 297.84 328.25 Td (d parties.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 302.75 Td (Item1. Business) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 281.75 Td (Introduction) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.75 Td (Designing, producing and distributing high-value furniture for a diverse family of customers is a 65-year tradition at ) Tj ET Q q 0 0 0 rg BT 517.48 260.75 Td (V) Tj ET Q q 0 0 0 rg BT 524.10 260.75 Td (irco Mfg. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.75 Td (Corporation \(V) Tj ET Q q 0 0 0 rg BT 115.21 248.75 Td (irco or the Company, or in the first person, we, us and our\). ) Tj ET Q q 0 0 0 rg BT 395.21 248.75 Td (V) Tj ET Q q 0 0 0 rg BT 401.83 248.75 Td (irco was incorporated in California in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.75 Td (February1950, and reincorporated in Delaware in ) Tj ET Q q 0 0 0 rg BT 252.15 236.75 Td (April1984. ) Tj ET Q q 0 0 0 rg BT 300.58 236.75 Td (Though ) Tj ET Q q 0 0 0 rg BT 334.00 236.75 Td (V) Tj ET Q q 0 0 0 rg BT 340.63 236.75 Td (irco started as a local manufacturer of chairs and desks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.75 Td (for Los ) Tj ET Q q 0 0 0 rg BT 81.11 224.75 Td (Angeles-area schools, over the years, ) Tj ET Q q 0 0 0 rg BT 232.26 224.75 Td (V) Tj ET Q q 0 0 0 rg BT 238.88 224.75 Td (irco has become the lar) Tj ET Q q 0 0 0 rg BT 331.43 224.75 Td (gest manufacturer and supplier of moveable educational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.75 Td (furniture and equipment for the preschool through 12th grade market in the United States. ) Tj ET Q q 0 0 0 rg BT 411.67 212.75 Td (The Company manufactures a wide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.75 Td (assortment of products, including mobile tables, mobile storage equipment, desks, computer furniture, chairs, activity tables, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.75 Td (folding chairs and folding tables. ) Tj ET Q q 0 0 0 rg BT 186.36 188.75 Td (Additionally) Tj ET Q q 0 0 0 rg BT 236.26 188.75 Td (, ) Tj ET Q q 0 0 0 rg BT 241.08 188.75 Td (V) Tj ET Q q 0 0 0 rg BT 247.71 188.75 Td (irco has worked with accomplished designers - such as Peter Glass, Richard ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.75 Td (Holbrook, and Bob Mills - to develop additional products for contemporary applications. ) Tj ET Q q 0 0 0 rg BT 410.58 176.75 Td (These include the best-selling ZUMA) Tj ET Q q 0 0 0 rg BT 561.10 176.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.75 Td (Series; the recently introduced ) Tj ET Q q 0 0 0 rg BT 173.85 164.75 Td (Analogy and Civitas furniture collections; Metaphor and Sage Series items for educational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.75 Td (settings; the Ph.D. Executive seating line; and the wide-ranging Plateau Series.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.75 Td (Along with serving customers in the education market - which in addition to preschool through 12th grade public and private ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.75 Td (schools includes: junior and community colleges; four) Tj ET Q q 0 0 0 rg BT 266.98 119.75 Td (-year colleges and universities; trade, technical and vocational schools - ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.75 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 107.75 Td (irco is a leading furniture and equipment supplier for convention centers and arenas; the hospitality industry with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.75 Td (banquet and meeting facilities; government facilities at the federal, state, county and municipal levels; and places of worship. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.75 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 83.75 Td (e also sell to wholesalers, distributors, traditional retailers and catalog retailers that serve these same markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 62.75 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 62.75 Td (o meet the furniture and equipment needs of our customers, ) Tj ET Q q 0 0 0 rg BT 295.99 62.75 Td (V) Tj ET Q q 0 0 0 rg BT 302.61 62.75 Td (irco leases a 560,000 sq. ft. of) Tj ET Q q 0 0 0 rg BT 422.12 62.75 Td (fice, manufacturing and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 50.75 Td (warehousing facility located on 23.5 acres of land in ) Tj ET Q q 0 0 0 rg BT 261.97 50.75 Td (T) Tj ET Q q 0 0 0 rg BT 267.38 50.75 Td (orrance, California; this facility includes our corporate headquarters,) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 742.10 Td (est Coast showroom, and our ) Tj ET Q q 0 0 0 rg BT 177.33 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 185.97 742.10 Td (est Coast distribution operations. ) Tj ET Q q 0 0 0 rg BT 322.45 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 327.86 742.10 Td (o complement our ) Tj ET Q q 0 0 0 rg BT 402.93 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 408.34 742.10 Td (orrance-based operations, ) Tj ET Q q 0 0 0 rg BT 513.39 742.10 Td (V) Tj ET Q q 0 0 0 rg BT 520.01 742.10 Td (irco owns ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (100 acres of land in Conway) Tj ET Q q 0 0 0 rg BT 164.04 730.10 Td (, ) Tj ET Q q 0 0 0 rg BT 168.49 730.10 Td (Arkansas, containing 1,200,000 sq. ft. of manufacturing, warehousing, and of) Tj ET Q q 0 0 0 rg BT 478.24 730.10 Td (fice space. ) Tj ET Q q 0 0 0 rg BT 525.25 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 534.29 730.10 Td (ith ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (high-density storage systems, 70 dock doors dedicated to outbound freight, and substantial yard capacity to store and stage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (trailers, this facility supports ) Tj ET Q q 0 0 0 rg BT 166.74 706.10 Td (V) Tj ET Q q 0 0 0 rg BT 173.36 706.10 Td (irco's ability to handle increased sales during our peak summer delivery season and enhances the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 694.10 Td (ficiency with which orders are filled. ) Tj ET Q q 0 0 0 rg BT 210.13 694.10 Td (V) Tj ET Q q 0 0 0 rg BT 216.75 694.10 Td (irco also operates two other facilities in Conway) Tj ET Q q 0 0 0 rg BT 409.65 694.10 Td (. ) Tj ET Q q 0 0 0 rg BT 416.97 694.10 Td (The first is a 375,000 sq. ft. factory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (- acquired in 1954, and expanded and modernized in subsequent years - where a variety of operations take place, including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (manufacture of fabricated steel components, chrome plating, and plastic injection-molding; components generated here are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (transferred to other facilities for assembly into finished goods. ) Tj ET Q q 0 0 0 rg BT 303.92 658.10 Td (The second is a 175,000 sq. ft. manufacturing facility where ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (compression-molded hard plastic components are fabricated and stored.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (Because the product needs and preferences of our customers continue to evolve - and in response to competitive furniture and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (equipment of) Tj ET Q q 0 0 0 rg BT 102.86 613.10 Td (ferings from domestic and of) Tj ET Q q 0 0 0 rg BT 218.76 613.10 Td (fshore suppliers - ) Tj ET Q q 0 0 0 rg BT 290.51 613.10 Td (V) Tj ET Q q 0 0 0 rg BT 297.13 613.10 Td (irco maintains an active new product development program. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 601.10 Td (e've worked with accomplished designers - such as Peter Glass, Richard Holbrook, and Bob Mills - to introduce exciting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (furniture and equipment solutions for contemporary applications. Over the past three years, ) Tj ET Q q 0 0 0 rg BT 419.99 589.10 Td (V) Tj ET Q q 0 0 0 rg BT 426.61 589.10 Td (irco has launched a substantial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (number of new products, including the following products.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (In 2012, to complement the Civitas chair and stool collection, ) Tj ET Q q 0 0 0 rg BT 299.21 553.10 Td (V) Tj ET Q q 0 0 0 rg BT 305.83 553.10 Td (irco introduced an assortment of Civitas cafe table tops and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.10 Td (tulip-shaped table bases. ) Tj ET Q q 0 0 0 rg BT 150.35 541.10 Td (T) Tj ET Q q 0 0 0 rg BT 155.76 541.10 Td (ops are available in a variety of round, square and squircle shaped sizes and can be ordered with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.10 Td (three dif) Tj ET Q q 0 0 0 rg BT 83.41 529.10 Td (ferent eye-catching edge profiles, while bases come in three heights to coordinate with the Civitas line's 18, 25 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 517.10 Td (30 seat-height chair and stools. Other 2012 product releases included: a new collection of Sage rocking chairs; 53 Series ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.10 Td (wardrobe tower cabinets; new Parameter file credenzas and additional Parameter mobile pedestals; a selection of 24 wide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 493.10 Td (TEXT seminar tables; Metaphor sled-based chair/desk combo units; a wheelchair) Tj ET Q q 0 0 0 rg BT 390.72 493.10 Td (-accessible version of the ZUMA) Tj ET Q q 0 0 0 rg BT 523.46 493.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.10 Td (cantilevered single-student desk; CT) Tj ET Q q 0 0 0 rg BT 196.17 481.10 Td ( Series tables with a hand crank mechanism for top height adjustment; new oval mobile ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.10 Td (tables with attached benches or stools; and several mobile cabinet models with a magnetic marker back.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (In 2013, ) Tj ET Q q 0 0 0 rg BT 85.65 448.10 Td (V) Tj ET Q q 0 0 0 rg BT 92.27 448.10 Td (irco introduced the ) Tj ET Q q 0 0 0 rg BT 169.75 448.10 Td (Analogy classroom furniture collection. Designed for ) Tj ET Q q 0 0 0 rg BT 395.69 448.10 Td (V) Tj ET Q q 0 0 0 rg BT 402.31 448.10 Td (irco by Peter Glass and Bob Mills, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 436.10 Td (fordable, er) Tj ET Q q 0 0 0 rg BT 103.49 436.10 Td (gonomically contoured ) Tj ET Q q 0 0 0 rg BT 197.92 436.10 Td (Analogy line includes fixed-height 4-leg chairs, adjustable task chairs and lab stools, steel-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (frame rockers and a selection of 4-leg and sled-based chair desk combo units. New ) Tj ET Q q 0 0 0 rg BT 386.00 424.10 Td (Agile Combo units - also released in 2013 - ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (provide an appropriate level of mobility to ef) Tj ET Q q 0 0 0 rg BT 230.04 412.10 Td (fectively enhance in-class collaboration. Every ) Tj ET Q q 0 0 0 rg BT 421.90 412.10 Td (Agile Combo model has a hooded, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (twin-wheel soft caster with a sit-lock compression-brake on each of its front legs. ) Tj ET Q q 0 0 0 rg BT 389.43 400.10 Td (W) Tj ET Q q 0 0 0 rg BT 398.47 400.10 Td (ith this two-caster configuration, ) Tj ET Q q 0 0 0 rg BT 530.94 400.10 Td (Agile ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (Combos - unlike competing units with casters on all four legs - prevent students from rolling around disruptively while ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (seated. Instead, when an instructor asks students to move their ) Tj ET Q q 0 0 0 rg BT 303.55 376.10 Td (Agile Combos to facilitate a particular lesson plan, they can do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (so in an orderly manner by getting out of their seats and using the convenient hand-hold near the top of the ) Tj ET Q q 0 0 0 rg BT 479.06 364.10 Td (Agile Combo ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (backrest. For added stability when units aren) Tj ET Q q 0 0 0 rg BT 234.77 352.10 Td (t being moved, the rear legs of ) Tj ET Q q 0 0 0 rg BT 358.62 352.10 Td (Agile Combos have rubber) Tj ET Q q 0 0 0 rg BT 466.46 352.10 Td (-base swivel glides. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (Agile Combo models can be ordered with a ZUMA) Tj ET Q q 0 0 0 rg BT 255.51 340.10 Td ( shell, a Sage shell or an ) Tj ET Q q 0 0 0 rg BT 364.18 340.10 Td (Analogy shell. Other 2013 product introductions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (included: a selection of ZUMA) Tj ET Q q 0 0 0 rg BT 174.41 328.10 Td ( and Sage chairs with integral tubular steel arms; several new Parameter desks and workstations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (including L-configuration units with curved-corner or notched-corner tops; and wheelchair) Tj ET Q q 0 0 0 rg BT 413.29 316.10 Td (-accessible ZBOOM single-student ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (desks that support collaborative learning; mobile ) Tj ET Q q 0 0 0 rg BT 247.55 304.10 Td (T) Tj ET Q q 0 0 0 rg BT 252.96 304.10 Td (extameter instructor workstations; and elegant Civitas chairs and stools ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (with a contoured plywood seat and back. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.10 Td (In 2014, not only did ) Tj ET Q q 0 0 0 rg BT 136.48 271.10 Td (V) Tj ET Q q 0 0 0 rg BT 143.11 271.10 Td (irco expand on successful product lines such as ) Tj ET Q q 0 0 0 rg BT 334.54 271.10 Td (TEXT) Tj ET Q q 0 0 0 rg BT 359.91 271.10 Td ( and Sage Contract, but also introduced new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (seating, desks, and tables. N2 is the newest, comprehensive seating line geared toward the budget-conscious customers, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (includes everything from stack and task chairs to combo units and lab stools. In an ef) Tj ET Q q 0 0 0 rg BT 392.79 247.10 Td (fort to broaden ) Tj ET Q q 0 0 0 rg BT 454.54 247.10 Td (V) Tj ET Q q 0 0 0 rg BT 461.16 247.10 Td (irco) Tj ET Q q 0 0 0 rg BT 479.48 247.10 Td (s reach into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.10 Td (STEM \(Science, ) Tj ET Q q 0 0 0 rg BT 128.21 235.10 Td (T) Tj ET Q q 0 0 0 rg BT 133.62 235.10 Td (echnology) Tj ET Q q 0 0 0 rg BT 174.63 235.10 Td (, Engineering and Mathematics\) based learning solutions, the ) Tj ET Q q 0 0 0 rg BT 421.61 235.10 Td (T) Tj ET Q q 0 0 0 rg BT 427.02 235.10 Td (etra Series was developed as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.10 Td (complete line of tables and desks that are suitable for environments ranging from computer labs to seminar training rooms. ) Tj ET Q q 0 0 0 rg BT 546.07 223.10 Td (T) Tj ET Q q 0 0 0 rg BT 551.48 223.10 Td (o ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.10 Td (round out ) Tj ET Q q 0 0 0 rg BT 90.93 211.10 Td (V) Tj ET Q q 0 0 0 rg BT 97.55 211.10 Td (irco) Tj ET Q q 0 0 0 rg BT 115.87 211.10 Td (s extensive of) Tj ET Q q 0 0 0 rg BT 170.68 211.10 Td (fering of collaborative desks, the Molecule is a unique shaped student desk that can be grouped ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.10 Td (with other Molecules in multiple configurations, or customized with numerous accessories and used as a stand-alone, single ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.10 Td (student desk. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 166.10 Td (irco's flat metal forming and other production capabilities are further enhanced when combined with our ) Tj ET Q q 0 0 0 rg BT 475.78 166.10 Td (Assemble-to-Ship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (\(A) Tj ET Q q 0 0 0 rg BT 63.88 154.10 Td (TS\) strategy) Tj ET Q q 0 0 0 rg BT 116.83 154.10 Td (, which allows for the manufacture and storage of common components during the portion of the year when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (demand for our product is lower which is then assembled to customer) Tj ET Q q 0 0 0 rg BT 328.34 142.10 Td (-specific combinations prior to shipment. ) Tj ET Q q 0 0 0 rg BT 497.85 142.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (combination of flat metal forming and ) Tj ET Q q 0 0 0 rg BT 204.96 130.10 Td (A) Tj ET Q q 0 0 0 rg BT 211.07 130.10 Td (TS enables ) Tj ET Q q 0 0 0 rg BT 257.55 130.10 Td (V) Tj ET Q q 0 0 0 rg BT 264.17 130.10 Td (irco to of) Tj ET Q q 0 0 0 rg BT 300.64 130.10 Td (fer various products - including an array of desks at dif) Tj ET Q q 0 0 0 rg BT 520.40 130.10 Td (ferent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (price points - that provide a variety of furniture solutions for customer applications in a wide range of environments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.10 Td (As of January31, 2015, the Company's employment force was approximately 685, manufacturing its products in 1.1million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (square feet of fabrication facilities and 1.2million square feet of assembly and warehousing facilities in ) Tj ET Q q 0 0 0 rg BT 467.18 85.10 Td (T) Tj ET Q q 0 0 0 rg BT 472.59 85.10 Td (orrance, California ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (and Conway) Tj ET Q q 0 0 0 rg BT 99.62 73.10 Td (, ) Tj ET Q q 0 0 0 rg BT 104.07 73.10 Td (Arkansas. ) Tj ET Q q 0 0 0 rg BT 148.23 73.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 198.13 73.10 Td (, the Company's PlanSCAPE project management software allows its sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (representatives to provide CAD layouts of classrooms, as well as classroom-by-classroom planning documents for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.10 Td (budgeting, acquisition and delivery of furniture, fixtures and equipment \(FF&E\).) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (In recent years, due to budgetary constraints, many schools reduced or eliminated central warehouses, janitorial services, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (professional purchasing functions. ) Tj ET Q q 0 0 0 rg BT 191.92 730.10 Td (As a result, fewer school districts administer their own bids, and are more likely to use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (regional, state, or national contracts. ) Tj ET Q q 0 0 0 rg BT 199.67 718.10 Td (A) Tj ET Q q 0 0 0 rg BT 206.34 718.10 Td ( shift to site-based management combined with reductions in professional purchasing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (personnel has increased the reliance of schools on suppliers that provide for a variety of needs from one source rather than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (administering dif) Tj ET Q q 0 0 0 rg BT 118.42 694.10 Td (ferent vendor relationships for each item. In response to these changes, the Company has expanded both the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (products and the services it provides to its educational customers. Now) Tj ET Q q 0 0 0 rg BT 335.95 682.10 Td (, in addition to buying furniture FOB Factory) Tj ET Q q 0 0 0 rg BT 516.40 682.10 Td (, customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (can purchase furniture for delivery to warehouses and school sites, and can also purchase full-service furniture delivery that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (includes the delivery of the furniture in classrooms. Because the Company has been aggressively developing new furniture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (lines to enhance the range of products it manufactures - and by purchasing furniture and equipment from other companies for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (re-sale with ) Tj ET Q q 0 0 0 rg BT 99.24 634.10 Td (V) Tj ET Q q 0 0 0 rg BT 105.86 634.10 Td (irco products - the Company is now able to provide one-stop shopping for all FF&E needs in our educational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (The expansion of the Company's product line combined with the expansion of its services over the years has provided ) Tj ET Q q 0 0 0 rg BT 524.00 601.10 Td (V) Tj ET Q q 0 0 0 rg BT 530.63 601.10 Td (irco ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (with the ability to serve various markets including the education market \(the Company's primary market\), which is made up of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (public and private schools \(preschool through 12th grade\), junior and community colleges; four) Tj ET Q q 0 0 0 rg BT 432.21 577.10 Td (-year colleges and universities; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (and trade, technical and vocational schools. ) Tj ET Q q 0 0 0 rg BT 226.42 565.10 Td (V) Tj ET Q q 0 0 0 rg BT 233.04 565.10 Td (irco also serves convention centers and arenas; the hospitality industry with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (respect to banquet and meeting facilities; government facilities at the federal, state, county and municipal levels; and places of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.10 Td (worship. In addition, the Company also sells to wholesalers, distributors, traditional, internet and catalog retailers that serve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.10 Td (these same markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 508.10 Td (irco serves its customers through a well-trained, nationwide sales and support team. ) Tj ET Q q 0 0 0 rg BT 396.07 508.10 Td (V) Tj ET Q q 0 0 0 rg BT 402.70 508.10 Td (irco's educational product line is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (marketed through an extensive direct sales force, as well as through a growing dealer network. In addition, ) Tj ET Q q 0 0 0 rg BT 481.62 496.10 Td (V) Tj ET Q q 0 0 0 rg BT 488.24 496.10 Td (irco has a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (Corporate Sales Group to pursue wholesalers, mail order accounts and national chains where management believes that it is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (more ef) Tj ET Q q 0 0 0 rg BT 80.63 472.10 Td (ficient to have a single sales representative or group service such customers, as they tend to have needs that transcend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (the geographic boundaries established for ) Tj ET Q q 0 0 0 rg BT 218.93 460.10 Td (V) Tj ET Q q 0 0 0 rg BT 225.55 460.10 Td (irco's local accounts. ) Tj ET Q q 0 0 0 rg BT 313.53 460.10 Td (The Company also has an array of support services, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (complete package solutions for the FF&E line item on school budgets; computer) Tj ET Q q 0 0 0 rg BT 372.24 448.10 Td (-assisted layout planning; transportation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (planning; and product delivery) Tj ET Q q 0 0 0 rg BT 172.37 436.10 Td (, delivery) Tj ET Q q 0 0 0 rg BT 209.49 436.10 Td (, and repair) Tj ET Q q 0 0 0 rg BT 254.19 436.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (Another important element of ) Tj ET Q q 0 0 0 rg BT 171.45 415.10 Td (V) Tj ET Q q 0 0 0 rg BT 178.07 415.10 Td (irco's business model is the Company's emphasis on developing and maintaining key ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (manufacturing, assembly) Tj ET Q q 0 0 0 rg BT 149.88 403.10 Td (, distribution, and service capabilities. For example, ) Tj ET Q q 0 0 0 rg BT 361.87 403.10 Td (V) Tj ET Q q 0 0 0 rg BT 368.49 403.10 Td (irco has developed competencies in several ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (manufacturing processes that are important to the markets the Company serves, such as finishing systems, plastic molding, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (metal fabrication and woodworking. ) Tj ET Q q 0 0 0 rg BT 200.33 379.10 Td (V) Tj ET Q q 0 0 0 rg BT 206.95 379.10 Td (irco's physical facilities are designed to support its ) Tj ET Q q 0 0 0 rg BT 410.38 379.10 Td (A) Tj ET Q q 0 0 0 rg BT 416.49 379.10 Td (TS strategy) Tj ET Q q 0 0 0 rg BT 461.67 379.10 Td (. ) Tj ET Q q 0 0 0 rg BT 468.98 379.10 Td (W) Tj ET Q q 0 0 0 rg BT 477.62 379.10 Td (arehouses have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (substantial staging areas combined with a lar) Tj ET Q q 0 0 0 rg BT 229.21 367.10 Td (ge number of dock doors to support the seasonal peak in shipments during summer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (months.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (During the last decade, many furniture manufacturers closed their domestic manufacturing facilities and began importing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (increasing quantities of furniture from international sources. During this same period, ) Tj ET Q q 0 0 0 rg BT 396.95 322.10 Td (V) Tj ET Q q 0 0 0 rg BT 403.57 322.10 Td (irco elected to significantly reduce its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (work force, but retain its domestic factory locations. ) Tj ET Q q 0 0 0 rg BT 263.92 310.10 Td (The Company believes that its domestic manufacturing capabilities are a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (significant strength. ) Tj ET Q q 0 0 0 rg BT 134.25 298.10 Td (The Company has ef) Tj ET Q q 0 0 0 rg BT 217.10 298.10 Td (fectively used product selection, color selection, and dependable execution of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (delivery to customers to enhance its market position. ) Tj ET Q q 0 0 0 rg BT 265.88 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 274.92 286.10 Td (ith increasing costs from international sources and increasing freight ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (costs, our factories are cost-competitive for bulky educational furniture and equipment items. ) Tj ET Q q 0 0 0 rg BT 427.75 274.10 Td (The Company's ) Tj ET Q q 0 0 0 rg BT 492.33 274.10 Td (A) Tj ET Q q 0 0 0 rg BT 498.44 274.10 Td (TS strategy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (allows for low-cube component parts to be sourced globally) Tj ET Q q 0 0 0 rg BT 289.29 262.10 Td (, with fabrication of bulky welded steel frames, wood tops, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (lar) Tj ET Q q 0 0 0 rg BT 60.37 250.10 Td (ger molded-plastic components to be performed locally) Tj ET Q q 0 0 0 rg BT 281.31 250.10 Td (. Domestic production of laminated wood tops and molded plastic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (enables the Company to market a color palette that cannot be matched in a short delivery window by imported finished goods. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (Domestic assembly allows the Company to use standard ) Tj ET Q q 0 0 0 rg BT 277.19 226.10 Td (A) Tj ET Q q 0 0 0 rg BT 283.30 226.10 Td (TS components to assemble customer) Tj ET Q q 0 0 0 rg BT 434.18 226.10 Td (-specific product and color ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (combinations shortly prior to delivery and installation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.10 Td (Finally) Tj ET Q q 0 0 0 rg BT 77.69 193.10 Td (, management continues to hone ) Tj ET Q q 0 0 0 rg BT 209.14 193.10 Td (V) Tj ET Q q 0 0 0 rg BT 215.76 193.10 Td (irco's ability to finance, manufacture and warehouse furniture within the relatively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.10 Td (narrow delivery window associated with the highly seasonal demand for education sales. In 2013 and 2014, approximately 50% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (of the Company's total sales were delivered in June, July) Tj ET Q q 0 0 0 rg BT 276.10 169.10 Td (, and ) Tj ET Q q 0 0 0 rg BT 297.49 169.10 Td (August with an even higher portion of educational sales delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (in that period. Shipments of furniture during peak weeks in July and ) Tj ET Q q 0 0 0 rg BT 327.17 157.10 Td (August can be six times greater than in the seasonally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.10 Td (slow winter months. ) Tj ET Q q 0 0 0 rg BT 136.21 145.10 Td (V) Tj ET Q q 0 0 0 rg BT 142.83 145.10 Td (irco's substantial warehouse space allows the Company to build adequate inventories to service this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.10 Td (narrow delivery window for the education market.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 107.60 Td (Principal Products) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.60 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 86.60 Td (irco produces the broadest line of furniture for the K-12 market of any manufacturer in the United States. By supplementing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.60 Td (products manufactured by ) Tj ET Q q 0 0 0 rg BT 156.73 74.60 Td (V) Tj ET Q q 0 0 0 rg BT 163.35 74.60 Td (irco with products from other manufacturers, ) Tj ET Q q 0 0 0 rg BT 345.61 74.60 Td (V) Tj ET Q q 0 0 0 rg BT 352.23 74.60 Td (irco provides a comprehensive product assortment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 62.60 Td (that covers substantially all products and price points that are traditionally included on the FF&E line item on a new school ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 50.60 Td (project or school budget. ) Tj ET Q q 0 0 0 rg BT 154.24 50.60 Td (V) Tj ET Q q 0 0 0 rg BT 160.86 50.60 Td (irco also provides a variety of products for preschool markets and has recently developed products ) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (that are tar) Tj ET Q q 0 0 0 rg BT 92.57 742.10 Td (geted for college, university) Tj ET Q q 0 0 0 rg BT 204.10 742.10 Td (, and corporate learning center environments. ) Tj ET Q q 0 0 0 rg BT 390.23 742.10 Td (The Company has an ambitious and on-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (going product development program featuring products developed in-house as well as products developed with accomplished ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (designers. ) Tj ET Q q 0 0 0 rg BT 95.09 718.10 Td (The Company's primary furniture lines are constructed of tubular metal legs and frames, combined with wood and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (plastic tops, plastic seats and backs, upholstered seats and backs, and upholstered rigid polyethylene and polypropylene shells. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 694.10 Td (irco also has flat metal forming capabilities to enable the production of desks, returns, bookcases, filing cabinets, mobile ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (pedestals and related items.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 661.10 Td (irco's principal manufactured products include:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (SEA) Tj ET Q q 0 0 0 rg BT 67.78 637.10 Td (TING - ) Tj ET Q q 0 0 0 rg BT 99.81 637.10 Td (The er) Tj ET Q q 0 0 0 rg BT 125.45 637.10 Td (gonomically supportive ZUMA line designed by Peter Glass and Bob Mills posted the highest initial-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (new product sales total in the Company's history) Tj ET Q q 0 0 0 rg BT 243.62 625.10 Td (. In addition to fixed-height 4-leg chairs, the ZUMA) Tj ET Q q 0 0 0 rg BT 454.41 625.10 Td ( line includes cantilever ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (chairs; tablet arm chairs with a fixed or articulating work surface and a compact footprint; and steel-frame rockers. ) Tj ET Q q 0 0 0 rg BT 513.52 613.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (ZUMAfrd collection features Fortified Recycled ) Tj ET Q q 0 0 0 rg BT 256.49 601.10 Td (W) Tj ET Q q 0 0 0 rg BT 265.13 601.10 Td (ood hard plastic seats, backrests and work surfaces. ZUMAfrd products ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (have up to 70% recycled content and are 98% recyclable. ) Tj ET Q q 0 0 0 rg BT 284.16 589.10 Td (The Sage line, originally designed to serve students in college, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (university and other adult education settings - and on high school campuses - now of) Tj ET Q q 0 0 0 rg BT 388.64 577.10 Td (fers a 13 and a 15 4-leg chair and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (corresponding pair of cantilever chairs for younger or smaller students; there's also a selection of Sage rockers for K-12 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (applications and several tablet arm units. Selected adult-height Sage models can also now be ordered with a padded, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.10 Td (upholstered seat. Other ) Tj ET Q q 0 0 0 rg BT 147.29 541.10 Td (V) Tj ET Q q 0 0 0 rg BT 153.91 541.10 Td (irco seating choices include the Metaphor Series - an updated sequel to ) Tj ET Q q 0 0 0 rg BT 447.90 541.10 Td (V) Tj ET Q q 0 0 0 rg BT 454.52 541.10 Td (irco's best-selling Classic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.10 Td (Series furniture with improvements in comfort, er) Tj ET Q q 0 0 0 rg BT 258.74 529.10 Td (gonomics, stackability) Tj ET Q q 0 0 0 rg BT 348.07 529.10 Td (, and manufacturing ef) Tj ET Q q 0 0 0 rg BT 438.41 529.10 Td (ficiencies - and the ) Tj ET Q q 0 0 0 rg BT 516.52 529.10 Td (T) Tj ET Q q 0 0 0 rg BT 521.93 529.10 Td (elos ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 517.10 Td (Series, a wide-ranging product line with er) Tj ET Q q 0 0 0 rg BT 220.60 517.10 Td (gonomically contoured Fortified Recycled ) Tj ET Q q 0 0 0 rg BT 392.59 517.10 Td (W) Tj ET Q q 0 0 0 rg BT 401.23 517.10 Td (ood components. ) Tj ET Q q 0 0 0 rg BT 471.88 517.10 Td (The Sage Contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.10 Td (line is tar) Tj ET Q q 0 0 0 rg BT 87.03 505.10 Td (geted for of) Tj ET Q q 0 0 0 rg BT 133.50 505.10 Td (fices and reception areas, colleges, hospitality venues and other adult environments. ) Tj ET Q q 0 0 0 rg BT 471.54 505.10 Td (V) Tj ET Q q 0 0 0 rg BT 478.16 505.10 Td (irco further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 493.10 Td (expanded the Sage Contract line in 2014 with the addition of a mobile tablet-arm workstation that includes an integrated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.10 Td (bookrack to further penetrate the higher education market. Civitas chairs and stools are intended for foodservice, libraries, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.10 Td (media centers, circulation areas, and related areas where people gather) Tj ET Q q 0 0 0 rg BT 331.24 469.10 Td (. Civitas frames of) Tj ET Q q 0 0 0 rg BT 407.43 469.10 Td (fer several chair bucket styles and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 457.10 Td (options including Zuma, Sage, ) Tj ET Q q 0 0 0 rg BT 174.43 457.10 Td (Analogy) Tj ET Q q 0 0 0 rg BT 208.22 457.10 Td (, and molded plywood. ) Tj ET Q q 0 0 0 rg BT 304.60 457.10 Td (Additional ) Tj ET Q q 0 0 0 rg BT 349.70 457.10 Td (V) Tj ET Q q 0 0 0 rg BT 356.32 457.10 Td (irco seating alternatives range from 120, 121 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 445.10 Td (122 Series stools to easily-adjustable Ph.D. task chairs and contoured I.Q. Series classroom chairs by Richard Holbrook; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.10 Td (comfortable, attractive ) Tj ET Q q 0 0 0 rg BT 142.83 433.10 Td (V) Tj ET Q q 0 0 0 rg BT 149.45 433.10 Td (irtuoso chairs by Charles Perry; and new ) Tj ET Q q 0 0 0 rg BT 321.73 433.10 Td (Analogy Series chairs by Peter Glass and Bob Mills. ) Tj ET Q q 0 0 0 rg BT 544.10 433.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.10 Td (N2 Series was designed by ) Tj ET Q q 0 0 0 rg BT 160.08 421.10 Td (V) Tj ET Q q 0 0 0 rg BT 166.70 421.10 Td (irco and introduced in 2014 as a comprehensive, er) Tj ET Q q 0 0 0 rg BT 370.62 421.10 Td (gonomic seating line that specifically caters to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.10 Td (the budget conscious consumer) Tj ET Q q 0 0 0 rg BT 174.70 409.10 Td (. Classic Series stack chairs and Martest 21 hard plastic seating models are popular choices ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.10 Td (in schools across ) Tj ET Q q 0 0 0 rg BT 119.72 397.10 Td (America. ) Tj ET Q q 0 0 0 rg BT 158.59 397.10 Td (Along with this range of seating, ) Tj ET Q q 0 0 0 rg BT 292.00 397.10 Td (V) Tj ET Q q 0 0 0 rg BT 298.62 397.10 Td (irco of) Tj ET Q q 0 0 0 rg BT 324.81 397.10 Td (fers folding chairs and upholstered stack chairs, as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.10 Td (additional plastic stack chairs and upholstered er) Tj ET Q q 0 0 0 rg BT 244.20 385.10 Td (gonomic chairs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 363.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.31 363.10 Td (ABLES - ) Tj ET Q q 0 0 0 rg BT 95.13 363.10 Td (V) Tj ET Q q 0 0 0 rg BT 101.75 363.10 Td (irco) Tj ET Q q 0 0 0 rg BT 120.07 363.10 Td (s ) Tj ET Q q 0 0 0 rg BT 126.28 363.10 Td (TEXT table collection for learning environments - designed by Peter Glass and Bob Mills- features heavy-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 351.10 Td (gauge tubular steel and proven ) Tj ET Q q 0 0 0 rg BT 175.05 351.10 Td (V) Tj ET Q q 0 0 0 rg BT 181.67 351.10 Td (irco construction for extended product life, and elliptical legs, swooping yokes and arched feet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 339.10 Td (for exceptional elegance. Selected ) Tj ET Q q 0 0 0 rg BT 191.41 339.10 Td (TEXT) Tj ET Q q 0 0 0 rg BT 216.78 339.10 Td ( models can be equipped with a variety of technology-support and storage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 327.10 Td (accessories. ) Tj ET Q q 0 0 0 rg BT 99.79 327.10 Td (The 2014 introduction of the ) Tj ET Q q 0 0 0 rg BT 217.09 327.10 Td (TEXT) Tj ET Q q 0 0 0 rg BT 242.46 327.10 Td ( ) Tj ET Q q 0 0 0 rg BT 244.78 327.10 Td (T) Tj ET Q q 0 0 0 rg BT 250.53 327.10 Td (ilt-T) Tj ET Q q 0 0 0 rg BT 267.61 327.10 Td (op Height ) Tj ET Q q 0 0 0 rg BT 309.27 327.10 Td (Adjustable ) Tj ET Q q 0 0 0 rg BT 354.92 327.10 Td (T) Tj ET Q q 0 0 0 rg BT 360.33 327.10 Td (able further expanded ) Tj ET Q q 0 0 0 rg BT 449.82 327.10 Td (V) Tj ET Q q 0 0 0 rg BT 456.45 327.10 Td (irco) Tj ET Q q 0 0 0 rg BT 474.77 327.10 Td (s reach into the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 315.10 Td (seminar) Tj ET Q q 0 0 0 rg BT 81.25 315.10 Td (, training room, and higher education markets by enhancing the functionality and flexibility of the table while ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 303.10 Td (strengthening the ) Tj ET Q q 0 0 0 rg BT 121.47 303.10 Td (V) Tj ET Q q 0 0 0 rg BT 128.09 303.10 Td (irco and ) Tj ET Q q 0 0 0 rg BT 162.90 303.10 Td (TEXT) Tj ET Q q 0 0 0 rg BT 188.26 303.10 Td ( brands. ) Tj ET Q q 0 0 0 rg BT 224.74 303.10 Td (The all new ) Tj ET Q q 0 0 0 rg BT 274.26 303.10 Td (T) Tj ET Q q 0 0 0 rg BT 279.67 303.10 Td (etra Series is a versatile collection of tables and student desks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 291.10 Td (suitable for various environments. 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Designed for ) Tj ET Q q 0 0 0 rg BT 188.95 255.10 Td (V) Tj ET Q q 0 0 0 rg BT 195.57 255.10 Td (irco by Peter Glass, Plateau tables bring exceptional versatility) Tj ET Q q 0 0 0 rg BT 453.28 255.10 Td (, sturdy construction and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 243.10 Td (great styling to working and learning environments. For durable, easy-to-use lightweight folding tables, ) Tj ET Q q 0 0 0 rg BT 469.45 243.10 Td (V) Tj ET Q q 0 0 0 rg BT 476.07 243.10 Td (irco's Core-a-Gator ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 231.10 Td (models are unsurpassed. ) Tj ET Q q 0 0 0 rg BT 152.29 231.10 Td (When paired with attractive, durable ) Tj ET Q q 0 0 0 rg BT 300.94 231.10 Td (V) Tj ET Q q 0 0 0 rg BT 307.56 231.10 Td (irco cafe tops, Lunada bases by Peter Glass provide eye-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 219.10 Td (catching table solutions for hospitality settings. Civitas tops and bases provide excellent furniture solutions for casual spaces ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 207.10 Td (where people gather) Tj ET Q q 0 0 0 rg BT 130.52 207.10 Td (. ) Tj ET Q q 0 0 0 rg BT 137.84 207.10 Td (V) Tj ET Q q 0 0 0 rg BT 144.46 207.10 Td (irco also carries traditional folding tables, CT) Tj ET Q q 0 0 0 rg BT 326.17 207.10 Td ( Series tables with a hand crank mechanism for top height ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 195.10 Td (adjustment, activity tables and of) Tj ET Q q 0 0 0 rg BT 182.29 195.10 Td (fice tables, as well as the computer tables and mobile tables described below) Tj ET Q q 0 0 0 rg BT 487.92 195.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 174.10 Td (COMPUTER FURNITURE - ) Tj ET Q q 0 0 0 rg BT 171.22 174.10 Td (The ) Tj ET Q q 0 0 0 rg BT 189.08 174.10 Td (TEXT) Tj ET Q q 0 0 0 rg BT 214.45 174.10 Td ( and ) Tj ET Q q 0 0 0 rg BT 233.71 174.10 Td (T) Tj ET Q q 0 0 0 rg BT 239.12 174.10 Td (etra Series table collections described in the preceding paragraph provides an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 162.10 Td (array of computer furniture choices for learning or business environments; ) Tj ET Q q 0 0 0 rg BT 350.28 162.10 Td (V) Tj ET Q q 0 0 0 rg BT 356.90 162.10 Td (irco's Flip-T) Tj ET Q q 0 0 0 rg BT 405.50 162.10 Td (op ) Tj ET Q q 0 0 0 rg BT 417.82 162.10 Td (T) Tj ET Q q 0 0 0 rg BT 423.23 162.10 Td (echnology tables and HWT) Tj ET Q q 0 0 0 rg BT 532.73 162.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 150.10 Td (\(Hinged ) Tj ET Q q 0 0 0 rg BT 85.09 150.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.13 150.10 Td (ire ) Tj ET Q q 0 0 0 rg BT 106.99 150.10 Td (T) Tj ET Q q 0 0 0 rg BT 112.75 150.10 Td (rough\) ) Tj ET Q q 0 0 0 rg BT 141.73 150.10 Td (T) Tj ET Q q 0 0 0 rg BT 147.14 150.10 Td (echnology tables also deliver popular computer furniture solutions. Future ) Tj ET Q q 0 0 0 rg BT 448.46 150.10 Td (Access computer tables ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 138.10 Td (come with an integral wire management panel and all rectangular models have a smooth post-formed front and rear edge. Like ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 126.10 Td (our Future ) Tj ET Q q 0 0 0 rg BT 93.89 126.10 Td (Access models, 8700 Series computer tables can be equipped with ) Tj ET Q q 0 0 0 rg BT 361.69 126.10 Td (V) Tj ET Q q 0 0 0 rg BT 368.31 126.10 Td (irco's functional computing accessories, such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 114.10 Td (keyboard mouse trays, CPU holders and support columns for optional elevated shelves. In an ef) Tj ET Q q 0 0 0 rg BT 435.01 114.10 Td (fort to address the demand for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 102.10 Td (collaborative solutions in a computer lab environment, ) Tj ET Q q 0 0 0 rg BT 270.87 102.10 Td (V) Tj ET Q q 0 0 0 rg BT 277.50 102.10 Td (irco added the Quarter Round 8700 Series Computer ) Tj ET Q q 0 0 0 rg BT 490.60 102.10 Td (T) Tj ET Q q 0 0 0 rg BT 496.01 102.10 Td (able that allows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 90.10 Td (multiple tables to be grouped together while maintaining a technology based environment. ) Tj ET Q q 0 0 0 rg BT 416.39 90.10 Td (The Plateau Of) Tj ET Q q 0 0 0 rg BT 476.74 90.10 Td (fice Solutions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 78.10 Td (collection of) Tj ET Q q 0 0 0 rg BT 100.08 78.10 Td (fers desks and workstations with technology-support capabilities, while the Plateau Library/T) Tj ET Q q 0 0 0 rg BT 473.46 78.10 Td (echnology Solutions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 66.10 Td (line has specialty tables and other products for computing applications.) 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529.39 694.10 Td (arm ) Tj ET Q q 0 0 0 rg BT 547.58 694.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (caster ) Tj ET Q q 0 0 0 rg BT 75.86 682.10 Td (options, ) Tj ET Q q 0 0 0 rg BT 110.35 682.10 Td (creates ) Tj ET Q q 0 0 0 rg BT 140.65 682.10 Td (a ) Tj ET Q q 0 0 0 rg BT 147.64 682.10 Td (complete ) Tj ET Q q 0 0 0 rg BT 186.83 682.10 Td (mobile ) Tj ET Q q 0 0 0 rg BT 217.15 682.10 Td (workstation ) Tj ET Q q 0 0 0 rg BT 266.91 682.10 Td (for ) Tj ET Q q 0 0 0 rg BT 281.12 682.10 Td (a ) Tj ET Q q 0 0 0 rg BT 288.10 682.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 318.41 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 329.29 682.10 Td (environments. ) Tj ET Q q 0 0 0 rg BT 388.77 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 391.13 682.10 Td (The ) Tj ET Q q 0 0 0 rg BT 409.22 682.10 Td (Molecule ) Tj ET Q q 0 0 0 rg BT 449.53 682.10 Td (is ) Tj ET Q q 0 0 0 rg BT 458.75 682.10 Td (a ) Tj ET Q q 0 0 0 rg BT 465.73 682.10 Td (new ) Tj ET Q q 0 0 0 rg BT 484.94 682.10 Td (student ) Tj ET Q q 0 0 0 rg BT 516.37 682.10 Td (desk ) Tj ET Q q 0 0 0 rg BT 537.24 682.10 Td (with ) Tj ET Q q 0 0 0 rg BT 557.57 682.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (unique ) Tj ET Q q 0 0 0 rg BT 80.22 670.10 Td (shaped ) Tj ET Q q 0 0 0 rg BT 111.00 670.10 Td (collaborative ) Tj ET Q q 0 0 0 rg BT 166.21 670.10 Td (work ) Tj ET Q q 0 0 0 rg BT 189.77 670.10 Td (surface ) Tj ET Q q 0 0 0 rg BT 221.64 670.10 Td (that ) Tj ET Q q 0 0 0 rg BT 239.64 670.10 Td (can ) Tj ET Q q 0 0 0 rg BT 256.53 670.10 Td (be ) Tj ET Q q 0 0 0 rg BT 268.97 670.10 Td (used ) Tj ET Q q 0 0 0 rg BT 290.31 670.10 Td (by ) Tj ET Q q 0 0 0 rg BT 303.32 670.10 Td (a ) Tj ET Q q 0 0 0 rg BT 310.77 670.10 Td (single ) Tj ET Q q 0 0 0 rg BT 337.66 670.10 Td (student ) Tj ET Q q 0 0 0 rg BT 369.56 670.10 Td (or ) Tj ET Q q 0 0 0 rg BT 380.89 670.10 Td (grouped ) Tj ET Q q 0 0 0 rg BT 416.67 670.10 Td (together ) Tj ET Q q 0 0 0 rg BT 452.44 670.10 Td (with ) Tj ET Q q 0 0 0 rg BT 473.23 670.10 Td (multiple ) Tj ET Q q 0 0 0 rg BT 509.57 670.10 Td (Molecules ) Tj ET Q q 0 0 0 rg BT 554.23 670.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (create ) Tj ET Q q 0 0 0 rg BT 76.36 658.10 Td (various ) Tj ET Q q 0 0 0 rg BT 108.29 658.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 164.65 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 181.59 658.10 Td (group ) Tj ET Q q 0 0 0 rg BT 207.41 658.10 Td (settings. ) Tj ET Q q 0 0 0 rg BT 242.97 658.10 Td (Related ) Tj ET Q q 0 0 0 rg BT 276.01 658.10 Td (products ) Tj ET Q q 0 0 0 rg BT 312.94 658.10 Td (include ) Tj ET Q q 0 0 0 rg BT 344.87 658.10 Td (an ) Tj ET Q q 0 0 0 rg BT 356.81 658.10 Td (array ) Tj ET Q q 0 0 0 rg BT 379.84 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 390.67 658.10 Td (tablet ) Tj ET Q q 0 0 0 rg BT 415.38 658.10 Td (arm ) Tj ET Q q 0 0 0 rg BT 433.42 658.10 Td (units, ) Tj ET Q q 0 0 0 rg BT 457.86 658.10 Td (new ) Tj ET Q q 0 0 0 rg BT 476.47 658.10 Td (Agile ) Tj ET Q q 0 0 0 rg BT 501.18 658.10 Td (Combo ) Tj ET Q q 0 0 0 rg BT 533.13 658.10 Td (models ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.57 646.10 Td (new ) Tj ET Q q 0 0 0 rg BT 86.67 646.10 Td (Analogy ) Tj ET Q q 0 0 0 rg BT 134.04 646.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 161.61 646.10 Td (combo ) Tj ET Q q 0 0 0 rg BT 191.96 646.10 Td (chair ) Tj ET Q q 0 0 0 rg BT 215.07 646.10 Td (desks. ) Tj ET Q q 0 0 0 rg BT 242.93 646.10 Td (Selected ) Tj ET Q q 0 0 0 rg BT 279.93 646.10 Td (models ) Tj ET Q q 0 0 0 rg BT 311.95 646.10 Td (are ) Tj ET Q q 0 0 0 rg BT 327.29 646.10 Td (available ) Tj ET Q q 0 0 0 rg BT 366.51 646.10 Td (with ) Tj ET Q q 0 0 0 rg BT 387.42 646.10 Td (durable, ) Tj ET Q q 0 0 0 rg BT 423.03 646.10 Td (colorfast ) Tj ET Q q 0 0 0 rg BT 461.15 646.10 Td (Martest ) Tj ET Q q 0 0 0 rg BT 494.83 646.10 Td (21 ) Tj ET Q q 0 0 0 rg BT 515.56 646.10 Td (or ) Tj ET Q q 0 0 0 rg BT 527.02 646.10 Td (Fortified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (Recycled ) Tj ET Q q 0 0 0 rg BT 89.39 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 98.03 634.10 Td (ood ) Tj ET Q q 0 0 0 rg BT 125.19 634.10 Td (hard ) Tj ET Q q 0 0 0 rg BT 145.32 634.10 Td (plastic ) Tj ET Q q 0 0 0 rg BT 173.78 634.10 Td (components. ) Tj ET Q q 0 0 0 rg BT 226.97 634.10 Td (For ) Tj ET Q q 0 0 0 rg BT 243.22 634.10 Td (teachers, ) Tj ET Q q 0 0 0 rg BT 280.83 634.10 Td (principals ) Tj ET Q q 0 0 0 rg BT 322.62 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 339.42 634.10 Td (district ) Tj ET Q q 0 0 0 rg BT 369.56 634.10 Td (administrators ) Tj ET Q q 0 0 0 rg BT 429.13 634.10 Td (- ) Tj ET Q q 0 0 0 rg BT 434.82 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 451.62 634.10 Td (for ) Tj ET Q q 0 0 0 rg BT 465.64 634.10 Td (business ) Tj ET Q q 0 0 0 rg BT 501.89 634.10 Td (environments ) Tj ET Q q 0 0 0 rg BT 558.68 634.10 Td (- ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 622.10 Td (irco ) Tj ET Q q 0 0 0 rg BT 74.22 622.10 Td (of) Tj ET Q q 0 0 0 rg BT 82.37 622.10 Td (fers ) Tj ET Q q 0 0 0 rg BT 99.41 622.10 Td (an ) Tj ET Q q 0 0 0 rg BT 110.91 622.10 Td (extensive ) Tj ET Q q 0 0 0 rg BT 150.72 622.10 Td (range ) Tj ET Q q 0 0 0 rg BT 174.98 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 185.37 622.10 Td (Parameter ) Tj ET Q q 0 0 0 rg BT 235.55 622.10 Td (desks, ) Tj ET Q q 0 0 0 rg BT 262.32 622.10 Td (returns ) Tj ET Q q 0 0 0 rg BT 292.15 622.10 Td (and ) Tj ET Q q 0 0 0 rg BT 308.64 622.10 Td (credenzas ) Tj ET Q q 0 0 0 rg BT 350.10 622.10 Td (designed ) Tj ET Q q 0 0 0 rg BT 387.71 622.10 Td (by ) Tj ET Q q 0 0 0 rg BT 399.76 622.10 Td (Peter ) Tj ET Q q 0 0 0 rg BT 422.36 622.10 Td (Glass ) Tj ET Q q 0 0 0 rg BT 446.63 622.10 Td (and ) Tj ET Q q 0 0 0 rg BT 463.13 622.10 Td (Bob ) Tj ET Q q 0 0 0 rg BT 481.85 622.10 Td (Mills. ) Tj ET Q q 0 0 0 rg BT 507.37 622.10 Td (T) Tj ET Q q 0 0 0 rg BT 512.78 622.10 Td (extameter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (mobile ) Tj ET Q q 0 0 0 rg BT 80.27 610.10 Td (workstations ) Tj ET Q q 0 0 0 rg BT 133.88 610.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 166.93 610.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 209.42 610.10 Td (furniture ) Tj ET Q q 0 0 0 rg BT 246.90 610.10 Td (choices ) Tj ET Q q 0 0 0 rg BT 279.39 610.10 Td (for ) Tj ET Q q 0 0 0 rg BT 293.55 610.10 Td (educators.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (ADMINISTRA) Tj ET Q q 0 0 0 rg BT 111.67 588.10 Td (TIVE OFFICE FURNITURE - In addition to the Plateau Of) Tj ET Q q 0 0 0 rg BT 359.34 588.10 Td (fice Solutions, Parameter, and ) Tj ET Q q 0 0 0 rg BT 489.50 588.10 Td (T) Tj ET Q q 0 0 0 rg BT 494.91 588.10 Td (extameter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (product lines, ) Tj ET Q q 0 0 0 rg BT 106.75 576.10 Td (V) Tj ET Q q 0 0 0 rg BT 113.37 576.10 Td (irco manufactures a selection of desks, returns, bookcases and other items that employ the Company's flat metal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (forming capabilities. ) Tj ET Q q 0 0 0 rg BT 135.07 564.10 Td (These products include 53 Series steel storage cabinets, an expanded range of 53 Series lateral files, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (special versions of 543 and 546 Series desks with wire management capabilities. Other products range from 53 Series ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (wardrobe tower cabinets and Parameter file credenzas to Parameter mobile pedestals and Plateau bookcases in popular 36 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td (wide and 48 wide models that work in classroom settings and related educational environments as well as administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 516.10 Td (fices.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 495.10 Td (LABORA) Tj ET Q q 0 0 0 rg BT 90.00 495.10 Td (T) Tj ET Q q 0 0 0 rg BT 95.93 495.10 Td (OR) Tj ET Q q 0 0 0 rg BT 109.27 495.10 Td (Y) Tj ET Q q 0 0 0 rg BT 116.12 495.10 Td ( FURNITURE - For biology and chemistry classes, and other school- and college-based lab settings, ) Tj ET Q q 0 0 0 rg BT 520.58 495.10 Td (V) Tj ET Q q 0 0 0 rg BT 527.20 495.10 Td (irco ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 483.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 483.10 Td (fers a variety of steel-based science tables. ) Tj ET Q q 0 0 0 rg BT 233.16 483.10 Td (V) Tj ET Q q 0 0 0 rg BT 239.79 483.10 Td (irco manufactures the table bases of these items and equips them with specialty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 471.10 Td (Chemsurf and epoxy resin tops. ) Tj ET Q q 0 0 0 rg BT 189.34 471.10 Td (V) Tj ET Q q 0 0 0 rg BT 195.96 471.10 Td (irco's ZUMA, Sage, ) Tj ET Q q 0 0 0 rg BT 295.80 471.10 Td (T) Tj ET Q q 0 0 0 rg BT 301.21 471.10 Td (elos, Metaphor, I.Q., Classic Series, and 3000 Series ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 459.10 Td (collections include pneumatically adjustable lab stools with high-range seat-height adjustment and a steel foot-ring. ) Tj ET Q q 0 0 0 rg BT 516.91 459.10 Td (V) Tj ET Q q 0 0 0 rg BT 523.54 459.10 Td (irco also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 447.10 Td (carries a selection of wood-frame science tables with Chemsurf and epoxy resin tops.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (MOBILE FURNITURE - Cafeterias are perfect venues for the ever) Tj ET Q q 0 0 0 rg BT 319.42 426.10 Td (-popular ) Tj ET Q q 0 0 0 rg BT 355.62 426.10 Td (V) Tj ET Q q 0 0 0 rg BT 362.24 426.10 Td (irco mobile tables - including a selection of oval ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td (mobile tables with attached benches or stools - while classrooms benefit from the spacious storage capacity of ) Tj ET Q q 0 0 0 rg BT 492.74 414.10 Td (V) Tj ET Q q 0 0 0 rg BT 499.37 414.10 Td (irco mobile ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 402.10 Td (cabinets; additional mobile cabinet models with a magnetic marker back are available. ) Tj ET Q q 0 0 0 rg BT 399.87 402.10 Td (ADA) Tj ET Q q 0 0 0 rg BT 420.98 402.10 Td ( compliant Mobile Bench & Stool ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 390.10 Td (ables were also introduced to the ) Tj ET Q q 0 0 0 rg BT 189.07 390.10 Td (V) Tj ET Q q 0 0 0 rg BT 195.69 390.10 Td (irco line of mobile products in 2014 to expand on our wheelchair accessible solutions. ) Tj ET Q q 0 0 0 rg BT 542.00 390.10 Td (An ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.10 Td (array of ) Tj ET Q q 0 0 0 rg BT 83.69 378.10 Td (V) Tj ET Q q 0 0 0 rg BT 90.31 378.10 Td (irco product lines includes mobile chairs for school settings and of) Tj ET Q q 0 0 0 rg BT 356.18 378.10 Td (fices.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 357.10 Td (ST) Tj ET Q q 0 0 0 rg BT 61.49 357.10 Td (ORAGE EQUIPMENT) Tj ET Q q 0 0 0 rg BT 156.03 357.10 Td ( - For moving selected ) Tj ET Q q 0 0 0 rg BT 248.33 357.10 Td (V) Tj ET Q q 0 0 0 rg BT 254.95 357.10 Td (irco chairs and folding tables, the Company carries a wide range of handling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 345.10 Td (and storage equipment. For our convention center) Tj ET Q q 0 0 0 rg BT 251.21 345.10 Td (, arena, and auditorium customers, ) Tj ET Q q 0 0 0 rg BT 391.54 345.10 Td (V) Tj ET Q q 0 0 0 rg BT 398.16 345.10 Td (irco also manufactures stackable storage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 333.10 Td (trucks that work with ) Tj ET Q q 0 0 0 rg BT 137.58 333.10 Td (V) Tj ET Q q 0 0 0 rg BT 144.20 333.10 Td (irco upholstered stack chairs, folding chairs and folding tables.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 312.10 Td (irco's wide-ranging product selection includes hundreds of furniture models that are certified the Greenguard Children& ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.10 Td (Schools Program for indoor air quality) Tj ET Q q 0 0 0 rg BT 204.05 300.10 Td (. In 2005 ) Tj ET Q q 0 0 0 rg BT 244.70 300.10 Td (V) Tj ET Q q 0 0 0 rg BT 251.32 300.10 Td (irco's ZUMA) Tj ET Q q 0 0 0 rg BT 303.95 300.10 Td ( and ZUMAfrd products earned the distinction of being the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.10 Td (first classroom furniture models to be certified by the Greenguard Children& Schools Program, now known as Greenguard ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 276.10 Td (Gold certification. ) Tj ET Q q 0 0 0 rg BT 125.25 276.10 Td (All of the models in the Company's most recently introduced product lines - including ) Tj ET Q q 0 0 0 rg BT 471.44 276.10 Td (Analogy furniture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 264.10 Td (models and ) Tj ET Q q 0 0 0 rg BT 98.14 264.10 Td (T) Tj ET Q q 0 0 0 rg BT 103.55 264.10 Td (extameter instructor workstations - are Greenguard-certified. ) Tj ET Q q 0 0 0 rg BT 358.53 264.10 Td (Along with ) Tj ET Q q 0 0 0 rg BT 406.13 264.10 Td (V) Tj ET Q q 0 0 0 rg BT 412.75 264.10 Td (irco's leadership relative to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.10 Td (Greenguard-certified furniture, the Company also introduced the classroom furniture industry's first ) Tj ET Q q 0 0 0 rg BT 450.95 252.10 Td (T) Tj ET Q q 0 0 0 rg BT 456.36 252.10 Td (ake-Back program in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 240.10 Td (2006, enabling qualifying schools, colleges, universities, and other or) Tj ET Q q 0 0 0 rg BT 327.54 240.10 Td (ganizations and customers to return selected out-of-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td (service furniture components for recycling rather than sending these items to a landfill.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 207.10 Td (In order to provide a comprehensive product of) Tj ET Q q 0 0 0 rg BT 238.92 207.10 Td (fering for the education market, the Company supplements ) Tj ET Q q 0 0 0 rg BT 476.73 207.10 Td (V) Tj ET Q q 0 0 0 rg BT 483.35 207.10 Td (irco-manufactured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 195.10 Td (products with items purchased for re-sale, including wood and steel of) Tj ET Q q 0 0 0 rg BT 331.13 195.10 Td (fice furniture, early learning products for pre-school and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 183.10 Td (kinder) Tj ET Q q 0 0 0 rg BT 75.37 183.10 Td (garten classrooms, science laboratory furniture, and library tables, chairs and equipment. ) Tj ET Q q 0 0 0 rg BT 435.06 183.10 Td (V) Tj ET Q q 0 0 0 rg BT 441.68 183.10 Td (irco now of) Tj ET Q q 0 0 0 rg BT 487.60 183.10 Td (fers customized, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 171.10 Td (space-ef) Tj ET Q q 0 0 0 rg BT 83.13 171.10 Td (ficient workstations by Interior Concepts for technology and language labs, media centers, computer classrooms, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 159.10 Td (reception areas and of) Tj ET Q q 0 0 0 rg BT 137.83 159.10 Td (fices. Interior Concepts is one of the many vendors with which the Company partners in order to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 147.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 147.10 Td (fectively position ) Tj ET Q q 0 0 0 rg BT 129.61 147.10 Td (V) Tj ET Q q 0 0 0 rg BT 136.24 147.10 Td (irco as the preferred one-stop furniture and equipment source for K-12 schools. None of the products ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 135.10 Td (from vendor partners accounted for more than 10% of consolidated revenues in 2014.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 114.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 114.10 Td (o complement ) Tj ET Q q 0 0 0 rg BT 114.66 114.10 Td (V) Tj ET Q q 0 0 0 rg BT 121.28 114.10 Td (irco's extensive selection of furniture and equipment, we of) Tj ET Q q 0 0 0 rg BT 358.10 114.10 Td (fer customers a variety of valuable services in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 102.10 Td (connection with the purchase of ) Tj ET Q q 0 0 0 rg BT 180.05 102.10 Td (V) Tj ET Q q 0 0 0 rg BT 186.67 102.10 Td (irco products; revenues from these service levels are included in the purchase price of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 90.10 Td (furniture items. In addition to giving customers the option of purchasing ) Tj ET Q q 0 0 0 rg BT 343.94 90.10 Td (V) Tj ET Q q 0 0 0 rg BT 350.56 90.10 Td (irco products and making their own delivery ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 78.10 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 108.68 78.10 Td (V) Tj ET Q q 0 0 0 rg BT 115.30 78.10 Td (irco provides three levels of delivery service. ) Tj ET Q q 0 0 0 rg BT 300.33 78.10 Td (When customers choose Standard Delivery - also known as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 66.10 Td (tailgate delivery - the delivery driver is responsible for moving the customer's goods to the tailgate of the truck only; therefore, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 54.10 Td (the customer must have personnel on hand to unload the truck. For additional char) Tj ET Q q 0 0 0 rg BT 381.68 54.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 397.33 54.10 Td (V) Tj ET Q q 0 0 0 rg BT 403.95 54.10 Td (irco also of) Tj ET Q q 0 0 0 rg BT 448.75 54.10 Td (fers Inside Delivery \(no ) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (installation\), or Full-Service Delivery \(delivered and placed in the classroom\). ) Tj ET Q q 0 0 0 rg BT 367.77 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 373.18 742.10 Td (o assist customers involved with FF&E ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (purchases for new school construction projects or school renovations, ) Tj ET Q q 0 0 0 rg BT 330.86 730.10 Td (V) Tj ET Q q 0 0 0 rg BT 337.48 730.10 Td (irco's PlanSCAPE service provides room-by-room ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (computerized layout planning and full FF&E project management.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 692.60 Td (Customers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.60 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 671.60 Td (irco's major customers include educational institutions, convention centers and arenas, hospitality providers, government ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.60 Td (facilities, and places of worship. No customer accounted for more than 10% of ) Tj ET Q q 0 0 0 rg BT 369.72 659.60 Td (V) Tj ET Q q 0 0 0 rg BT 376.34 659.60 Td (irco's consolidated revenues during 2014.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (Raw Materials) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 613.10 Td (irco purchases steel, aluminum, plastic, polyurethane, polyethylene, polypropylene, plywood, particleboard, medium density ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (fiberboard \(MDF\), cartons and other raw materials from many dif) Tj ET Q q 0 0 0 rg BT 313.07 601.10 Td (ferent sources for the manufacture of its principal products. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (Management believes the Company is not more vulnerable with respect to the sources and availability of these raw materials ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (than other manufacturers of similar products. ) Tj ET Q q 0 0 0 rg BT 235.32 577.10 Td (The Company's lar) Tj ET Q q 0 0 0 rg BT 310.81 577.10 Td (gest raw material cost is for steel, followed by plastics and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (wood.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (The price of these commodities, particularly steel and plastic, can be volatile. Historically the Company has experienced years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (where the price of steel, plastic, and wood have spiked significantly; often as a result of global demand but also in response to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (domestic supply interruptions. During 2012, 2013, and 2014 the cost of steel, plastic, and wood remained stable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (In addition to the raw materials described above, the Company purchases components used in the fabrication and assembly of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (furniture from a variety of overseas locations, but primarily from China. ) Tj ET Q q 0 0 0 rg BT 343.62 487.10 Td (These components are classified as raw materials in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (the financial statements until such time that the components are consumed in a fabrication or assembly processes. ) Tj ET Q q 0 0 0 rg BT 508.85 475.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (components are sourced from a variety of factories, none of which are owned or operated by the Company) Tj ET Q q 0 0 0 rg BT 475.31 463.10 Td (. Costs for these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (imported components increased moderately during each of the last three years, and are expected to increase moderately in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (W) Tj ET Q q 0 0 0 rg BT 59.04 415.10 Td (ith respect to the Company's annual contracts \(or those contracts that have longer terms\), the Company may have limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (ability to increase prices during the term of the contract. ) Tj ET Q q 0 0 0 rg BT 279.18 403.10 Td (The Company has, however) Tj ET Q q 0 0 0 rg BT 390.97 403.10 Td (, negotiated increased flexibility under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (many of these contracts, allowing the Company to increase prices on future orders. Nevertheless, even with respect to these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (more flexible contracts, the Company does not have the ability to increase prices on orders received prior to any announced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (price increases. Due to the intensely seasonal nature of our business, the Company may receive significant orders during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (first and second quarters for delivery in the second and third quarters. ) Tj ET Q q 0 0 0 rg BT 333.06 355.10 Td (W) Tj ET Q q 0 0 0 rg BT 342.10 355.10 Td (ith respect to any of the contracts described above, if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (the costs of raw materials increase suddenly or unexpectedly) Tj ET Q q 0 0 0 rg BT 292.04 343.10 Td (, the Company cannot be certain that it will be able to implement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.10 Td (corresponding increases in its sales prices in order to of) Tj ET Q q 0 0 0 rg BT 271.70 331.10 Td (fset such increased costs. Significant cost increases in providing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (products during a given contract period can adversely impact operating results and have done so during prior years. ) Tj ET Q q 0 0 0 rg BT 516.34 319.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (Company typically benefits from any decreases in raw material costs under the contracts described above.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 281.60 Td (Marketing and Distribution) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.60 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 260.60 Td (irco serves its customers through a well-trained, nationwide sales and support team, as well as a dealer network. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.60 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 248.60 Td (irco has a Corporate Sales Group to pursue wholesalers, mail order accounts and national chains where management believes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.60 Td (it would be more ef) Tj ET Q q 0 0 0 rg BT 128.13 236.60 Td (ficient to have a single sales representative or group approach such persons, as they tend to have needs that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.60 Td (transcend the geographic boundaries established for ) Tj ET Q q 0 0 0 rg BT 259.75 224.60 Td (V) Tj ET Q q 0 0 0 rg BT 266.37 224.60 Td (irco's local accounts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.60 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 203.60 Td (irco's educational product line is marketed through what management believes to be the lar) Tj ET Q q 0 0 0 rg BT 420.06 203.60 Td (gest direct sales force of any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.60 Td (education furniture manufacturer) Tj ET Q q 0 0 0 rg BT 181.61 191.60 Td (. ) Tj ET Q q 0 0 0 rg BT 188.93 191.60 Td (The Company's approach to servicing its customer base is very flexible, and is tailored to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.60 Td (best meet the needs of individual customers and regions. ) Tj ET Q q 0 0 0 rg BT 281.15 179.60 Td (When considered to be most ef) Tj ET Q q 0 0 0 rg BT 405.10 179.60 Td (ficient, the sales force will call directly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.60 Td (upon school business of) Tj ET Q q 0 0 0 rg BT 145.65 167.60 Td (ficials, who may include purchasing agents or individual school principals where site-based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.60 Td (management is practiced. ) Tj ET Q q 0 0 0 rg BT 156.72 155.60 Td (Where it is considered advantageous, the Company will use lar) Tj ET Q q 0 0 0 rg BT 408.69 155.60 Td (ge exclusive distributors and full-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.60 Td (service dealer partners. ) Tj ET Q q 0 0 0 rg BT 147.27 143.60 Td (The Company's direct sales force is considered to be an important competitive advantage over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.60 Td (competitors who rely primarily upon dealer networks for distribution of their products.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.60 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 110.60 Td (irco's sales force is assisted by the Company's proprietary PlanSCAPE software and experienced PlanSCAPE managers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.60 Td (when preparing complete package solutions for the FF&E segment of bond-funded public school construction projects. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.60 Td (PlanSCAPE software also enables the entire ) Tj ET Q q 0 0 0 rg BT 229.22 86.60 Td (V) Tj ET Q q 0 0 0 rg BT 235.84 86.60 Td (irco sales force to prepare quotations for less complicated projects.) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 742.10 Td ( significant portion of ) Tj ET Q q 0 0 0 rg BT 145.92 742.10 Td (V) Tj ET Q q 0 0 0 rg BT 152.54 742.10 Td (irco's business is awarded through annual bids with school districts or other buying groups used by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (school districts. ) Tj ET Q q 0 0 0 rg BT 117.59 730.10 Td (These bids are typically valid for one year) Tj ET Q q 0 0 0 rg BT 285.59 730.10 Td (. Many contracts contain penalty) Tj ET Q q 0 0 0 rg BT 418.23 730.10 Td (, performance, and debarment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (provisions that can result in debarment for a number of years, a financial penalty) Tj ET Q q 0 0 0 rg BT 372.02 718.10 Td (, or calling of performance bonds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (Sales of commercial and contract furniture are made throughout the United States by distributorships and by Company sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (representatives who service the distributorship network. ) Tj ET Q q 0 0 0 rg BT 278.65 685.10 Td (V) Tj ET Q q 0 0 0 rg BT 285.27 685.10 Td (irco representatives call directly upon state and local governments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (convention centers, individual hospitality venues, places of worship and mass merchants. ) Tj ET Q q 0 0 0 rg BT 411.68 673.10 Td (This market includes colleges and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (universities, preschools, private schools, and of) Tj ET Q q 0 0 0 rg BT 239.22 661.10 Td (fice training facilities, which typically purchase furniture through commercial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (channels.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (The Company sells to thousands of customers, and, as such no single customer represented more than 10percent of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (Company's consolidated revenues in 2014. Significant purchases of furniture using public funds often require annual bids or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (some form of authorization to purchase goods or services from a vendor) Tj ET Q q 0 0 0 rg BT 346.85 604.10 Td (. ) Tj ET Q q 0 0 0 rg BT 354.17 604.10 Td (This authorization can include state contracts, local ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (and national buying groups, or local school districts that piggyback on the bid of a lar) Tj ET Q q 0 0 0 rg BT 400.84 592.10 Td (ger district. In virtually all cases, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (purchase orders and payments are processed by the individual school districts, even though the contract pricing may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (determined by a state contract, national or local buying group, or consortium of school districts. Schools usually can purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (from more than one contract or purchasing vehicle, if they are participants in buying groups as well as being eligible for a state ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (or national contract.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 523.10 Td (irco is the exclusive supplier of movable classroom furniture for one nationwide purchasing or) Tj ET Q q 0 0 0 rg BT 434.39 523.10 Td (ganization under which many ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (of our customers price their furniture. See Risk Factors : ) Tj ET Q q 0 0 0 rg BT 284.38 511.10 Td (Approximately 50% of our sales are priced through one contract, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (under which we are the exclusive supplier of classroom furniture. Sales priced under this contract represented approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (51% of sales in 2014, 49% of sales in 2013, and 49% of ) Tj ET Q q 0 0 0 rg BT 276.17 487.10 Td (V) Tj ET Q q 0 0 0 rg BT 282.79 487.10 Td (irco's sales in 2012. In 2008, the Company was awarded a three-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (contract with this purchasing or) Tj ET Q q 0 0 0 rg BT 176.46 475.10 Td (ganization extending through 201) Tj ET Q q 0 0 0 rg BT 310.78 475.10 Td (1 and three one-year extensions extending through 2014. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (2014, the Company was awarded a three year extension through 2017. If ) Tj ET Q q 0 0 0 rg BT 345.57 463.10 Td (V) Tj ET Q q 0 0 0 rg BT 352.19 463.10 Td (irco were unable to sell under this contract, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (believe we would be able to sell to the vast majority of our customers under alternative contracts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 109.71 430.10 Td (s education customers typically do not have logistic capabilities and more than 75 % of sales are FOB ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (destination, and include freight to customer) Tj ET Q q 0 0 0 rg BT 223.29 418.10 Td (. ) Tj ET Q q 0 0 0 rg BT 230.24 418.10 Td (Approximately 90% of the Company) Tj ET Q q 0 0 0 rg BT 381.32 418.10 Td (s freight is supplied by third party carriers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (Utilizing third party carriers is an ef) Tj ET Q q 0 0 0 rg BT 193.66 406.10 Td (fective method of addressing the significant seasonal peak in summer and moderating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (excess capacity issues in the slow season. Reliance on third party carriers can expose the Company to freight rate volatility) Tj ET Q q 0 0 0 rg BT 543.36 394.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (fuel surchar) Tj ET Q q 0 0 0 rg BT 97.29 382.10 Td (ges, and to capacity constraints in the transportation industry) Tj ET Q q 0 0 0 rg BT 339.64 382.10 Td (. Historically) Tj ET Q q 0 0 0 rg BT 393.71 382.10 Td (, the Company has been able to obtain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (adequate capacity from freight vendors to service the summer season. During 2014 the Company experienced a shortage of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (capacity in the market and anticipates that this shortage will continue at least through 2015.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 332.60 Td (Seasonality) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.60 Td (The educational sales market is extremely seasonal. ) Tj ET Q q 0 0 0 rg BT 258.81 311.60 Td (Approximately 50% of the Company's total sales in 2014 were delivered in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.60 Td (June, July) Tj ET Q q 0 0 0 rg BT 89.35 299.60 Td (, and ) Tj ET Q q 0 0 0 rg BT 110.74 299.60 Td (August with an even higher portion of educational sales delivered in that period. Shipments during peak weeks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.60 Td (in July and ) Tj ET Q q 0 0 0 rg BT 95.83 287.60 Td (August can be as great as six times the level of shipments in the winter months.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 262.10 Td (orking Capital Requirements During Our Peak Summer Season) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.10 Td (As discussed above, the market for educational furniture and equipment is marked by extreme seasonality) Tj ET Q q 0 0 0 rg BT 472.83 241.10 Td (, with the majority of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.10 Td (shipments occurring from June to ) Tj ET Q q 0 0 0 rg BT 186.37 229.10 Td (August each year) Tj ET Q q 0 0 0 rg BT 255.38 229.10 Td (, which is the Company's peak season. ) Tj ET Q q 0 0 0 rg BT 413.27 229.10 Td (As a result of this seasonality) Tj ET Q q 0 0 0 rg BT 530.10 229.10 Td (, ) Tj ET Q q 0 0 0 rg BT 534.92 229.10 Td (V) Tj ET Q q 0 0 0 rg BT 541.54 229.10 Td (irco ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.10 Td (builds and carries significant amounts of inventory during the peak summer season to facilitate the rapid delivery requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.10 Td (of customers in the educational market. ) Tj ET Q q 0 0 0 rg BT 212.54 205.10 Td (This requires a lar) Tj ET Q q 0 0 0 rg BT 284.83 205.10 Td (ge up-front investment in raw materials and components, labor) Tj ET Q q 0 0 0 rg BT 535.75 205.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.10 Td (storage and related costs as inventory is built in anticipation of peak sales during the summer months. ) Tj ET Q q 0 0 0 rg BT 460.75 193.10 Td (As the capital required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.10 Td (for this build-up generally exceeds cash available from operations, ) Tj ET Q q 0 0 0 rg BT 318.61 181.10 Td (V) Tj ET Q q 0 0 0 rg BT 325.23 181.10 Td (irco has historically relied on bank financing to meet cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (flow requirements during the build-up period immediately preceding the high season. Currently) Tj ET Q q 0 0 0 rg BT 434.53 169.10 Td (, the Company has a line of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (credit with PNC Bank to assist in meeting cash flow requirements as inventory is built for) Tj ET Q q 0 0 0 rg BT 409.26 157.10 Td (, and business is transacted during, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.10 Td (the peak summer season.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (In addition, ) Tj ET Q q 0 0 0 rg BT 98.42 121.10 Td (V) Tj ET Q q 0 0 0 rg BT 105.04 121.10 Td (irco typically is faced with a lar) Tj ET Q q 0 0 0 rg BT 231.48 121.10 Td (ge balance of accounts receivable during the peak season. ) Tj ET Q q 0 0 0 rg BT 467.03 121.10 Td (This occurs for three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.10 Td (primary reasons. First, accounts receivable balances naturally increase during the peak season as product shipments increase. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.10 Td (Second, many customers during this period are government institutions, which tend to pay accounts receivable more slowly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (than commercial customers. ) Tj ET Q q 0 0 0 rg BT 167.28 85.10 Td (Third, many summer deliveries may be projects where the Company provides furniture for a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (new school or significant refurbishment of an existing school. Projects may require architect sign of) Tj ET Q q 0 0 0 rg BT 451.93 73.10 Td (f, school board approval ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (prior to payment, or punch list completion, all of which can delay payment. ) Tj ET Q q 0 0 0 rg BT 356.68 61.10 Td (V) Tj ET Q q 0 0 0 rg BT 363.31 61.10 Td (irco has historically enjoyed high levels of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.10 Td (collectability on these accounts receivable due to the low-credit risk associated with such customers. Nevertheless, due to the ) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (time dif) Tj ET Q q 0 0 0 rg BT 81.20 742.10 Td (ferential between inventory build-up in anticipation of the peak season and the collection on accounts receivable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (throughout the peak season, the Company must rely on external sources of financing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (As a result of the seasonality of our business, our manufacturing capacity is dictated by the capacity requirement during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (months of June, July) Tj ET Q q 0 0 0 rg BT 132.13 694.10 Td (, and ) Tj ET Q q 0 0 0 rg BT 153.52 694.10 Td (August. Because of this seasonality) Tj ET Q q 0 0 0 rg BT 297.29 694.10 Td (, factory utilization is lower during the slow season. ) Tj ET Q q 0 0 0 rg BT 509.28 694.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (Company utilizes a variety of tactics to address this seasonal business. During the summer months, which comprise our second ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (and third fiscal quarters, our full time personnel utilization generally is at or exceeds full capacity) Tj ET Q q 0 0 0 rg BT 439.21 670.10 Td (. ) Tj ET Q q 0 0 0 rg BT 446.53 670.10 Td (The Company utilizes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (temporary labor and significant overtime to meet these seasonal requirements. During the slow portions of the year) Tj ET Q q 0 0 0 rg BT 512.24 658.10 Td (, temporary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (labor and overtime are eliminated to moderate the of) Tj ET Q q 0 0 0 rg BT 260.29 646.10 Td (f-season costs. Our manufacturing facility capacity utilization generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (remains less than 100% during these of) Tj ET Q q 0 0 0 rg BT 207.01 634.10 Td (f-season months; because physical structure capacity cannot be adjusted as readily as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (personnel capacity) Tj ET Q q 0 0 0 rg BT 124.04 622.10 Td (, we have secured suf) Tj ET Q q 0 0 0 rg BT 209.65 622.10 Td (ficient physical structure capacity to accommodate our current needs as well as for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (anticipated future growth. Our physical structure utilization is significantly lower during the first and fourth quarters of each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (year than it is during the second and third quarters.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (The Company utilizes a comparable strategy to address warehousing and distribution requirements. During summer months, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (temporary labor is hired to supplement experienced warehouse and distribution personnel. More than 90% of the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (freight is provided by third-party carriers. Utilizing third party carriers is an ef) Tj ET Q q 0 0 0 rg BT 365.27 550.10 Td (fective method of addressing the significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (seasonal peak in summer and moderating excess capacity issues in the slow season. Reliance on third party carriers can expose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (the Company to freight rate volatility) Tj ET Q q 0 0 0 rg BT 198.48 526.10 Td (, fuel surchar) Tj ET Q q 0 0 0 rg BT 250.78 526.10 Td (ges, and to capacity constraints in the transportation industry) Tj ET Q q 0 0 0 rg BT 493.13 526.10 Td (. ) Tj ET Q q 0 0 0 rg BT 500.44 526.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (has secured suf) Tj ET Q q 0 0 0 rg BT 110.91 514.10 Td (ficient warehouse capacity to accommodate our current needs as well as anticipated future growth.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 493.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 493.10 Td (irco's working capital requirements during, and in anticipation of, the peak summer season require management to make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.10 Td (estimates and judgments that af) Tj ET Q q 0 0 0 rg BT 175.90 481.10 Td (fect assets, liabilities, revenues and expenses, and related contingent assets and liabilities. For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.10 Td (example, management expends a significant amount of time in the first quarter of each year developing a stocking plan and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 457.10 Td (estimating the number of temporary summer employees, the amount of raw materials, and the types of components and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 445.10 Td (products that will be required during the peak season. If management underestimates any of these requirements, ) Tj ET Q q 0 0 0 rg BT 502.17 445.10 Td (V) Tj ET Q q 0 0 0 rg BT 508.79 445.10 Td (irco's ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.10 Td (to meet customer orders in a timely manner or to provide adequate customer service may be diminished. If management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.10 Td (overestimates any of these requirements, the Company may have to absorb higher storage, labor and related costs, each of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.10 Td (which may negatively af) Tj ET Q q 0 0 0 rg BT 148.39 409.10 Td (fect the Company's results of operations. On an on-going basis, management evaluates and adjusts its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.10 Td (estimates, including those related to market demand, labor costs, and stocking inventory) Tj ET Q q 0 0 0 rg BT 402.04 397.10 Td (. Moreover) Tj ET Q q 0 0 0 rg BT 448.57 397.10 Td (, management continually ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.10 Td (strives to improve its ability to correctly forecast the requirements of the Company's business during the peak season each year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.10 Td (based in part on annual contracts which are in place and management's experience with respect to the market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (As part of ) Tj ET Q q 0 0 0 rg BT 92.31 352.10 Td (V) Tj ET Q q 0 0 0 rg BT 98.93 352.10 Td (irco's ef) Tj ET Q q 0 0 0 rg BT 130.26 352.10 Td (forts to balance seasonality) Tj ET Q q 0 0 0 rg BT 238.18 352.10 Td (, financial performance and quality without sacrificing service or market share, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (management has been refining the Company's ) Tj ET Q q 0 0 0 rg BT 236.20 340.10 Td (A) Tj ET Q q 0 0 0 rg BT 242.31 340.10 Td (TS operating model. ) Tj ET Q q 0 0 0 rg BT 328.69 340.10 Td (A) Tj ET Q q 0 0 0 rg BT 334.80 340.10 Td (TS is ) Tj ET Q q 0 0 0 rg BT 357.96 340.10 Td (V) Tj ET Q q 0 0 0 rg BT 364.58 340.10 Td (irco's version of mass-customization, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (assembles standardized, stocked components into customized configurations before shipment. ) Tj ET Q q 0 0 0 rg BT 430.83 328.10 Td (The ) Tj ET Q q 0 0 0 rg BT 448.33 328.10 Td (A) Tj ET Q q 0 0 0 rg BT 454.44 328.10 Td (TS program reduces the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (total amount of inventory and working capital needed to support a given level of sales. It does this by increasing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (inventory's versatility) Tj ET Q q 0 0 0 rg BT 135.86 304.10 Td (, delaying assembly until the last moment, and reducing the amount of warehouse space needed to store ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (finished goods. ) Tj ET Q q 0 0 0 rg BT 115.56 292.10 Td (As part of the ) Tj ET Q q 0 0 0 rg BT 172.21 292.10 Td (A) Tj ET Q q 0 0 0 rg BT 178.33 292.10 Td (TS stocking program, ) Tj ET Q q 0 0 0 rg BT 267.58 292.10 Td (V) Tj ET Q q 0 0 0 rg BT 274.20 292.10 Td (irco has endeavored to create a more flexible work force. ) Tj ET Q q 0 0 0 rg BT 504.74 292.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (has developed compensation programs to reward employees who are willing to move from fabrication to assembly to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (warehouse as seasonal demands evolve.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 242.60 Td (Other Matters) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 221.60 Td (Competition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.60 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 200.60 Td (irco has numerous competitors in each of its markets. In the educational furniture market, ) Tj ET Q q 0 0 0 rg BT 416.88 200.60 Td (V) Tj ET Q q 0 0 0 rg BT 423.50 200.60 Td (irco manufactures furniture and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.60 Td (sells direct to educational customers. Competitors typically fall into two categories \(1\)furniture manufacturers that sell to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.60 Td (dealers which re-sell furniture to the end user) Tj ET Q q 0 0 0 rg BT 230.92 176.60 Td (, and \(2\)dealers that purchase product from these manufacturers and re-sell to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.60 Td (educational customers. ) Tj ET Q q 0 0 0 rg BT 143.96 164.60 Td (The manufacturers that ) Tj ET Q q 0 0 0 rg BT 239.01 164.60 Td (V) Tj ET Q q 0 0 0 rg BT 245.63 164.60 Td (irco competes with include HON \(HNI\) which recently acquired Sagus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.60 Td (International LLC \(which markets product under ) Tj ET Q q 0 0 0 rg BT 247.16 152.60 Td (Artco-Bell, ) Tj ET Q q 0 0 0 rg BT 294.38 152.60 Td (American Desk, and Midwest Folding Products\), KI Inc., ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.60 Td (Bretford, Smith System, Columbia, Scholarcraft, ) Tj ET Q q 0 0 0 rg BT 247.48 140.60 Td (Alumni, ECR4Kids, and ) Tj ET Q q 0 0 0 rg BT 348.13 140.60 Td (VS ) Tj ET Q q 0 0 0 rg BT 362.86 140.60 Td (America. Historically) Tj ET Q q 0 0 0 rg BT 448.85 140.60 Td (, our lar) Tj ET Q q 0 0 0 rg BT 480.04 140.60 Td (gest competitor that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.60 Td (purchases and re-sells furniture has been School Specialty \(SCHS\). In January 2013, School Specialty filed for bankruptcy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.60 Td (under Chapter 1) Tj ET Q q 0 0 0 rg BT 114.05 116.60 Td (1 of the Bankruptcy Code and emer) Tj ET Q q 0 0 0 rg BT 256.61 116.60 Td (ged in mid-2013. Contrax is a significant nationwide reseller focusing on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.60 Td (projects. In addition to School Specialty and Contrax, there are numerous catalogers, internet resellers, and smaller local ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.60 Td (education furniture dealers that sell into local markets. Competitors in contract furniture vary depending upon the specific ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.60 Td (product line or sales market and include Falcon Products, National Public Seating, Bretford, Sandusky Lee, Bush Industries, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.60 Td (MTS and Mity Enterprises, Inc.) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 31.60 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (The educational furniture market is characterized by price competition, as many sales occur on a bid basis. Management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (compensates for this market characteristic through a combination of methods that include emphasizing the value of ) Tj ET Q q 0 0 0 rg BT 513.01 730.10 Td (V) Tj ET Q q 0 0 0 rg BT 519.63 730.10 Td (irco's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (products and product assortment, the convenience of one-stop shopping for Equipment for Educators, the value of ) Tj ET Q q 0 0 0 rg BT 527.26 718.10 Td (V) Tj ET Q q 0 0 0 rg BT 533.88 718.10 Td (irco's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (project management capabilities, the value of ) Tj ET Q q 0 0 0 rg BT 233.91 706.10 Td (V) Tj ET Q q 0 0 0 rg BT 240.53 706.10 Td (irco's distribution and delivery capabilities, and the value of ) Tj ET Q q 0 0 0 rg BT 482.08 706.10 Td (V) Tj ET Q q 0 0 0 rg BT 488.71 706.10 Td (irco's customer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (support capabilities and other intangibles. In addition, management believes that the streamlining of costs assists the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (in compensating for this market characteristic by allowing ) Tj ET Q q 0 0 0 rg BT 285.30 682.10 Td (V) Tj ET Q q 0 0 0 rg BT 291.92 682.10 Td (irco to of) Tj ET Q q 0 0 0 rg BT 328.40 682.10 Td (fer a higher value product at a lower price. For example, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (as discussed above, ) Tj ET Q q 0 0 0 rg BT 130.36 670.10 Td (V) Tj ET Q q 0 0 0 rg BT 136.98 670.10 Td (irco has decreased distribution costs by avoiding re-sellers, and management believes that the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (lar) Tj ET Q q 0 0 0 rg BT 60.37 658.10 Td (ge direct sales force and the Company's sizeable manufacturing and warehousing capabilities facilitate these ef) Tj ET Q q 0 0 0 rg BT 503.48 658.10 Td (forts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Although management prefers to compete on the value of ) Tj ET Q q 0 0 0 rg BT 282.80 646.10 Td (V) Tj ET Q q 0 0 0 rg BT 289.42 646.10 Td (irco products and services, when market conditions warrant, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (Company will compete based on direct prices and may reduce its prices to build or maintain its market share.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 608.60 Td (Backlog) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.60 Td (Sales order backlog at January31, 2015, totaled $1) Tj ET Q q 0 0 0 rg BT 254.02 587.60 Td (1.8million and approximated eight weeks of sales, compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.60 Td ($13.5million at January31, 2014, and $17.3 million at January31, 2013. Substantially all of the backlog will ship during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.60 Td (2015.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (Patents and T) Tj ET Q q 0 0 0 rg BT 106.86 538.10 Td (rademarks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 517.10 Td (In the last 10years, the United States Patent and ) Tj ET Q q 0 0 0 rg BT 245.61 517.10 Td (T) Tj ET Q q 0 0 0 rg BT 251.36 517.10 Td (rademark Of) Tj ET Q q 0 0 0 rg BT 301.99 517.10 Td (fice \(the USPT) Tj ET Q q 0 0 0 rg BT 366.23 517.10 Td (O\) has issued to ) Tj ET Q q 0 0 0 rg BT 437.15 517.10 Td (V) Tj ET Q q 0 0 0 rg BT 443.77 517.10 Td (irco more than 50 patents on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.10 Td (its various new product lines. ) Tj ET Q q 0 0 0 rg BT 172.30 505.10 Td (These patents cover various design and utility features in Ph.D. chairs, I.Q. Series furniture, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 493.10 Td (the ZUMAfrd family of products, and the ZUMA family of products, among others.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 469.10 Td (irco has a number of other design and utility patents in the United States and other countries that provide protection for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 457.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 457.10 Td (irco's intellectual property as well. ) Tj ET Q q 0 0 0 rg BT 199.03 457.10 Td (These patents expire over the next one to 16years. ) Tj ET Q q 0 0 0 rg BT 404.05 457.10 Td (V) Tj ET Q q 0 0 0 rg BT 410.67 457.10 Td (irco maintains an active program to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 445.10 Td (protect its investment in technology and patents by monitoring and enforcing its intellectual property rights. ) Tj ET Q q 0 0 0 rg BT 486.11 445.10 Td (While ) Tj ET Q q 0 0 0 rg BT 512.87 445.10 Td (V) Tj ET Q q 0 0 0 rg BT 519.49 445.10 Td (irco's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.10 Td (patents are an important element of its success, ) Tj ET Q q 0 0 0 rg BT 240.59 433.10 Td (V) Tj ET Q q 0 0 0 rg BT 247.21 433.10 Td (irco's business as a whole is not believed to be materially dependent on any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.10 Td (one patent. See Risk Factors : ) Tj ET Q q 0 0 0 rg BT 180.25 421.10 Td (An inability to protect our intellectual property could have a significant impact on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.10 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (In order to distinguish genuine ) Tj ET Q q 0 0 0 rg BT 175.08 388.10 Td (V) Tj ET Q q 0 0 0 rg BT 181.70 388.10 Td (irco products from competitors' products, ) Tj ET Q q 0 0 0 rg BT 349.39 388.10 Td (V) Tj ET Q q 0 0 0 rg BT 356.02 388.10 Td (irco has obtained the rights to certain trademarks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (and trade names for its products and engages in advertising and sales campaigns to promote its brands and to identify genuine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 364.10 Td (irco products. ) Tj ET Q q 0 0 0 rg BT 116.43 364.10 Td (While ) Tj ET Q q 0 0 0 rg BT 143.18 364.10 Td (V) Tj ET Q q 0 0 0 rg BT 149.80 364.10 Td (irco's trademarks and trade names play an important role in its success, ) Tj ET Q q 0 0 0 rg BT 436.05 364.10 Td (V) Tj ET Q q 0 0 0 rg BT 442.68 364.10 Td (irco's business as a whole is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (not believed to be materially dependent on any one trademark or trade name, except perhaps V) Tj ET Q q 0 0 0 rg BT 433.13 352.10 Td (irco, which the Company has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (protected and enhanced as an emblem of quality educational furniture for over 65years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 319.10 Td (irco has no franchises or concessions that are considered to be of material importance to the conduct of its business and has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (not appraised or established a value for its patents or trademarks.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 281.60 Td (Employees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.60 Td (As of January31, 2015, ) Tj ET Q q 0 0 0 rg BT 147.86 260.60 Td (V) Tj ET Q q 0 0 0 rg BT 154.48 260.60 Td (irco and its subsidiaries employed approximately 685 full-time employees at various locations. Of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.60 Td (this number) Tj ET Q q 0 0 0 rg BT 97.09 248.60 Td (, approximately 515 are involved in manufacturing and distribution, approximately 105 in sales and marketing and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.60 Td (approximately 65 in administration. ) Tj ET Q q 0 0 0 rg BT 195.63 236.60 Td (The Company also utilizes temporary workers as necessary to meet any seasonal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.60 Td (production, warehousing or distribution requirements that cannot be filled by its full time workforce. During 2014, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.60 Td (Company employed approximately 275 temporary workers during the months of June and July) Tj ET Q q 0 0 0 rg BT 429.28 212.60 Td (, with smaller numbers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.60 Td (immediately preceding and following these months.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 175.10 Td (Environmental Compliance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 154.10 Td (irco is subject to numerous federal, state, and local environmental laws and regulations in the various jurisdictions in which it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (operates that \(a\)govern operations that may have adverse environmental ef) Tj ET Q q 0 0 0 rg BT 350.81 142.10 Td (fects, such as the dischar) Tj ET Q q 0 0 0 rg BT 449.76 142.10 Td (ge of materials into the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (environment, as well as handling, storage, transportation and disposal practices for solid and hazardous wastes, and \(b\)impose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (liability for response costs and certain damages resulting from past and current spills, disposals or other releases of hazardous ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (materials. In this context, ) Tj ET Q q 0 0 0 rg BT 156.18 106.10 Td (V) Tj ET Q q 0 0 0 rg BT 162.80 106.10 Td (irco works diligently to remain in compliance with all such environmental laws and regulations as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (these af) Tj ET Q q 0 0 0 rg BT 80.63 94.10 Td (fect the Company's operations. Moreover) Tj ET Q q 0 0 0 rg BT 248.10 94.10 Td (, ) Tj ET Q q 0 0 0 rg BT 252.92 94.10 Td (V) Tj ET Q q 0 0 0 rg BT 259.54 94.10 Td (irco has enacted policies for recycling and resource recovery that have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (earned repeated commendations, including: recognition by the California Department of Resources Recycling and Recovery ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (\(CalRecycle\) in 201) Tj ET Q q 0 0 0 rg BT 130.16 70.10 Td (1 and 2010 as a ) Tj ET Q q 0 0 0 rg BT 194.68 70.10 Td (W) Tj ET Q q 0 0 0 rg BT 203.32 70.10 Td (aste Reduction ) Tj ET Q q 0 0 0 rg BT 264.42 70.10 Td (A) Tj ET Q q 0 0 0 rg BT 270.72 70.10 Td (wards Program \(WRAP\) honoree; recognition by the United States ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (Environmental Protection ) Tj ET Q q 0 0 0 rg BT 154.98 58.10 Td (Agency in 2003 as a ) Tj ET Q q 0 0 0 rg BT 238.95 58.10 Td (W) Tj ET Q q 0 0 0 rg BT 247.58 58.10 Td (asteW) Tj ET Q q 0 0 0 rg BT 272.17 58.10 Td (ise Hall of Fame Charter Member) Tj ET Q q 0 0 0 rg BT 407.00 58.10 Td (, in 2002 as a ) Tj ET Q q 0 0 0 rg BT 462.37 58.10 Td (W) Tj ET Q q 0 0 0 rg BT 471.01 58.10 Td (asteW) Tj ET Q q 0 0 0 rg BT 495.59 58.10 Td (ise Partner of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.35 46.10 Td (Y) Tj ET Q q 0 0 0 rg BT 70.57 46.10 Td (ear and in 2001 as a ) Tj ET Q q 0 0 0 rg BT 152.58 46.10 Td (W) Tj ET Q q 0 0 0 rg BT 161.22 46.10 Td (asteW) Tj ET Q q 0 0 0 rg BT 185.80 46.10 Td (ise Program Champion for Lar) Tj ET Q q 0 0 0 rg BT 308.37 46.10 Td (ge Businesses; and recognition by the Sanitation Districts of ) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Los ) Tj ET Q q 0 0 0 rg BT 66.95 742.10 Td (Angeles County for compliance with industrial waste water dischar) Tj ET Q q 0 0 0 rg BT 336.14 742.10 Td (ge guidelines in 2007 through 2010. ) Tj ET Q q 0 0 0 rg BT 485.39 742.10 Td (This is only a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (partial list of ) Tj ET Q q 0 0 0 rg BT 103.42 730.10 Td (V) Tj ET Q q 0 0 0 rg BT 110.04 730.10 Td (irco's environmental awards and commendations; for a more complete list, go to ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 433.6962890625 728.7669921875 m 497.4755859375 728.7669921875 l s q 0 0 1 rg BT 433.70 730.10 Td (www) Tj ET Q q 0 0 1 rg BT 454.71 730.10 Td (.virco.com) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 497.48 730.10 Td ( and click on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (the Corporate Stewardship header) Tj ET Q q 0 0 0 rg BT 185.23 718.10 Td (. In addition to these awards and commendations, ) Tj ET Q q 0 0 0 rg BT 388.06 718.10 Td (V) Tj ET Q q 0 0 0 rg BT 394.68 718.10 Td (irco's ZUMA and ZUMAfrd product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (lines were the first classroom furniture collections to earn indoor air quality certification through the stringent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (GREENGUARD Children& Schools Program, now known as Greenguard Gold certification. ) Tj ET Q q 0 0 0 rg BT 438.09 694.10 Td (As a follow-up to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (certification of ZUMA) Tj ET Q q 0 0 0 rg BT 140.53 682.10 Td ( and ZUMAfrd models in 2005, hundreds of other ) Tj ET Q q 0 0 0 rg BT 343.09 682.10 Td (V) Tj ET Q q 0 0 0 rg BT 349.71 682.10 Td (irco furniture items - including ) Tj ET Q q 0 0 0 rg BT 474.96 682.10 Td (Analogy furniture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (models and ) Tj ET Q q 0 0 0 rg BT 98.14 670.10 Td (T) Tj ET Q q 0 0 0 rg BT 103.55 670.10 Td (extameter instructor workstations - have earned GREENGUARD certification. Moreover) Tj ET Q q 0 0 0 rg BT 472.28 670.10 Td (, all ) Tj ET Q q 0 0 0 rg BT 489.59 670.10 Td (V) Tj ET Q q 0 0 0 rg BT 496.22 670.10 Td (irco products ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (covered by the Consumer Product Safety Improvement ) Tj ET Q q 0 0 0 rg BT 272.45 658.10 Td (Act of 2008 are in compliance with this legislation. ) Tj ET Q q 0 0 0 rg BT 482.12 658.10 Td (All af) Tj ET Q q 0 0 0 rg BT 504.99 658.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 531.73 658.10 Td (V) Tj ET Q q 0 0 0 rg BT 538.35 658.10 Td (irco ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (models are also in compliance with the California ) Tj ET Q q 0 0 0 rg BT 251.05 646.10 Td (Air Resources Board rule implemented on January1, 2009, concerning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (formaldehyde emissions from composite wood products. Environmental laws have changed rapidly in recent years, and ) Tj ET Q q 0 0 0 rg BT 533.02 634.10 Td (V) Tj ET Q q 0 0 0 rg BT 539.64 634.10 Td (irco ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (may be subject to more stringent environmental laws in the future. ) Tj ET Q q 0 0 0 rg BT 320.58 622.10 Td (The Company has expended, and may be expected to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (continue to expend, significant amounts in the future for compliance with environmental rules and regulations, for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (investigation of environmental conditions, for the installation of environmental control equipment, or remediation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (environmental contamination. Normal recurring expenses relating to operating our factories in a manner that meets or exceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (environmental laws are matched to the cost of producing inventory) Tj ET Q q 0 0 0 rg BT 317.32 574.10 Td (. It is possible that the Company's operations may result in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (noncompliance with, or liability for remediation pursuant to, environmental laws. Should such eventualities occur) Tj ET Q q 0 0 0 rg BT 507.54 562.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (Company records liabilities for remediation costs when remediation costs are probable and can be reasonably estimated. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (Risk Factors : ) Tj ET Q q 0 0 0 rg BT 107.88 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 116.51 538.10 Td (e could be required to incur substantial costs to comply with environmental requirements. ) Tj ET Q q 0 0 0 rg BT 481.79 538.10 Td (V) Tj ET Q q 0 0 0 rg BT 488.41 538.10 Td (iolations of, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (liabilities under) Tj ET Q q 0 0 0 rg BT 112.08 526.10 Td (, environmental laws and regulations may increase our costs or require us to change our business practices.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 500.60 Td (Financial Information ) Tj ET Q q 0 0 0 rg BT 145.77 500.60 Td (About Industry Segment and Geographic ) Tj ET Q q 0 0 0 rg BT 317.37 500.60 Td (Areas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.60 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 479.60 Td (irco operates in a single industry segment. For information regarding the Company's revenues, gross profit and total assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.60 Td (for each of the last three fiscal years, see the Company's consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.60 Td (During 2014, ) Tj ET Q q 0 0 0 rg BT 105.65 446.60 Td (V) Tj ET Q q 0 0 0 rg BT 112.27 446.60 Td (irco derived approximately 7.7% of its revenues from customers located outside of the United States \(primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.60 Td (Canada and Puerto Rico\). During 2013, ) Tj ET Q q 0 0 0 rg BT 210.90 434.60 Td (V) Tj ET Q q 0 0 0 rg BT 217.52 434.60 Td (irco derived approximately 7.5% of its revenues from customers located outside of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.60 Td (the United States \(primarily Canada and Puerto Rico\). During 2012, ) Tj ET Q q 0 0 0 rg BT 324.76 422.60 Td (V) Tj ET Q q 0 0 0 rg BT 331.38 422.60 Td (irco derived approximately 10.0% of its revenues from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.60 Td (customers located outside of the United States \(primarily Canada and Panama\). ) Tj ET Q q 0 0 0 rg BT 369.73 410.60 Td (The Company determines sales to these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.60 Td (markets based upon the customers' principal place of business. During 2014, 2013 and 2012, the Company did not have any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.60 Td (long-lived assets outside of the United States.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 361.10 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 103.41 361.10 Td (ficers of the Registrant) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (As of ) Tj ET Q q 0 0 0 rg BT 73.89 340.10 Td (April1, 2015, the executive of) Tj ET Q q 0 0 0 rg BT 196.18 340.10 Td (ficers of the Company) Tj ET Q q 0 0 0 rg BT 284.67 340.10 Td (, who are elected by and serve at the discretion of the Company) Tj ET Q q 0 0 0 rg BT 541.52 340.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (Board of Directors, were as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 289.6 m 147.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 156.5 289.6 m 416.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 289.6 m 498.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 289.6 m 557.5 289.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 90.00 293.83 Td (Name) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.00 294.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 275.55 293.83 Td (Office) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 294.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.00 301.83 Td (Age at) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.75 293.83 Td (January31,2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 294.27 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.60 301.83 Td (HasHeld) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.95 293.83 Td (OfficeSince) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 280.17 Td (Robert A.Virtue\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.00 280.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.00 280.17 Td (Chairman of the Board and Chief Executive Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 280.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.50 280.17 Td (82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 280.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.00 280.17 Td (1990) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 266.17 Td (DouglasA.Virtue\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.00 266.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.00 266.17 Td (President and Chief Operating Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 266.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.50 266.17 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 266.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.00 266.17 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 252.17 Td (J. Scott Bell \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.00 252.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.00 252.17 Td (Vice President - General Manager, Conway Division) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 252.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.50 252.17 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 252.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.00 252.17 Td (2004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 238.17 Td (Robert E. Dose \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.00 238.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.00 238.17 Td (Vice President - Finance, Secretary and Treasurer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 238.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.50 238.17 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 238.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.00 238.17 Td (1995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 224.17 Td (PatriciaQuinones\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.00 214.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.00 224.17 Td (Vice President - Logistics, Marketing Services and Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.00 214.17 Td (Technology) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 214.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.50 214.27 Td (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 214.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.00 214.27 Td (2004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 200.17 Td (James D. Johnson \(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.00 189.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.00 199.27 Td (Vice President - Senior VP Marketing & Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.00 189.27 Td (Development) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 189.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.50 189.27 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 189.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.00 189.27 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 175.17 Td (Bassey Yau \(7\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.00 165.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.00 175.17 Td (Vice President - Corporate Controller, Assistant Secretary and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.00 165.17 Td (Assistant Treasurer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 165.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.50 165.27 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 165.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.00 165.27 Td (2004) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.10 Td (________________________) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 739.07 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 739.07 Td (Appointed Chairman in 1990; has been employed by the Company for 58years and served as the President from 1982 until 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 729.07 Td (and Chief Executive Officer since 1988.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 715.07 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 715.07 Td (Appointed President and Chief Operating Officer in 2014; has been employed by the Company for 29years and has served in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 705.07 Td (Production Control, as Contract Administrator, as Manager of Marketing Services, as General Manager of the Torrance Division,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 695.07 Td (and as Corporate Executive Vice President.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 681.07 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 681.07 Td (Appointed in 2004; has been employed by the Company for 26years and has served in a variety of manufacturing, safety, and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 671.07 Td (environmental positions, and currently Vice President - General Manager, Conway Division.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 657.07 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 657.07 Td (Appointed in 1995; has been employed by the Company for 24years and has served as the Corporate Controller, and currently as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 647.07 Td (Vice President of Finance, Secretary and Treasurer.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 633.07 Td (\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 633.07 Td (Appointed in 2004; has been employed by the Company for 23years in a variety customer and marketing service positions, and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 623.07 Td (currently as Vice President of Logistics, Marketing Services and Information Technology.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 609.07 Td (\(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 609.07 Td (Appointed in 2015 as Vice President - Senior VP Marketing & Business Development.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 29.00 595.07 Td (\(7\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 595.07 Td (Appointed in 2004; has been employed by the Company for 18years and has served as Corporate Controller, and currently as Vice) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 585.07 Td (President Accounting, Corporate Controller, Assistant Secretary and Assistant Treasurer.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.00 Td (None of the Company) Tj ET Q q 0 0 0 rg BT 141.37 560.00 Td (s executive of) Tj ET Q q 0 0 0 rg BT 196.72 560.00 Td (ficers have employment contracts.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 534.50 Td (A) Tj ET Q q 0 0 0 rg BT 55.93 534.50 Td (vailable Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 513.50 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 513.50 Td (irco files annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 501.50 Td (Commission \(SEC\). Stockholders may read and copy this information at the SEC's Public Reference Room at 100 F Street, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 489.50 Td (N.E., ) Tj ET Q q 0 0 0 rg BT 73.15 489.50 Td (W) Tj ET Q q 0 0 0 rg BT 81.79 489.50 Td (ashington, D.C. 20549. Information on the operation of the Public Reference Room may be obtained by calling the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 477.50 Td (SEC at 1-800-SEC-0330. Stockholders may also obtain copies of this information by mail from the Public Reference Room at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 465.50 Td (the address set forth above, at prescribed rates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.50 Td (The SEC also maintains an Internet website that contains reports, proxy statements and other information about issuers like ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.50 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 432.50 Td (irco who file electronically with the SEC. ) Tj ET Q q 0 0 0 rg BT 225.28 432.50 Td (The address of that site is www) Tj ET Q q 0 0 0 rg BT 350.72 432.50 Td (.sec.gov) Tj ET Q q 0 0 0 rg BT 382.84 432.50 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 411.50 Td (In addition, ) Tj ET Q q 0 0 0 rg BT 98.42 411.50 Td (V) Tj ET Q q 0 0 0 rg BT 105.04 411.50 Td (irco makes available to its stockholders, free of char) Tj ET Q q 0 0 0 rg BT 313.39 411.50 Td (ge through its Internet website, its annual reports on Form 10-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 399.50 Td (K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed, or furnished pursuant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 387.50 Td (to, Section13\(a\) or 15\(d\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 262.71 387.50 Td (Act of 1934 \(the Exchange ) Tj ET Q q 0 0 0 rg BT 376.84 387.50 Td (Act\), as soon as reasonably practicable after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 375.50 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 375.50 Td (irco electronically files such material with, or furnishes it to, the SEC. ) Tj ET Q q 0 0 0 rg BT 341.37 375.50 Td (The address of that site is www) Tj ET Q q 0 0 0 rg BT 466.80 375.50 Td (.virco.com.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 350.00 Td (Item1A. Risk Factors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 329.00 Td (The following risk factors and other information included in this ) Tj ET Q q 0 0 0 rg BT 309.95 329.00 Td (Annual Report on Form 10-K should be carefully considered. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.00 Td (The risks and uncertainties described below are not the only ones we face. ) Tj ET Q q 0 0 0 rg BT 348.78 317.00 Td (Additional risks and uncertainties not presently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 305.00 Td (known to us or that we presently deem less significant may also adversely af) Tj ET Q q 0 0 0 rg BT 356.13 305.00 Td (fect our business, operating results, cash flows, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.00 Td (financial condition. If any of the following risks actually occur) Tj ET Q q 0 0 0 rg BT 300.63 293.00 Td (, our business, operating results, cash flows and financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 281.00 Td (condition could be materially adversely af) Tj ET Q q 0 0 0 rg BT 218.37 281.00 Td (fected.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 257.00 Td (Our) Tj ET Q q 0 0 0 rg BT 67.60 257.00 Td ( pr) Tj ET Q q 0 0 0 rg BT 79.92 257.00 Td (oduct sales ar) Tj ET Q q 0 0 0 rg BT 138.07 257.00 Td (e significantly affected by education funding, which is a function of tax r) Tj ET Q q 0 0 0 rg BT 445.40 257.00 Td (evenues and general ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 245.00 Td (economic conditions. If the economy weakens, funding for) Tj ET Q q 0 0 0 rg BT 299.26 245.00 Td ( education may fail to impr) Tj ET Q q 0 0 0 rg BT 414.91 245.00 Td (ove or) Tj ET Q q 0 0 0 rg BT 441.10 245.00 Td ( decr) Tj ET Q q 0 0 0 rg BT 462.30 245.00 Td (ease, which would ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 233.00 Td (adversely affect our) Tj ET Q q 0 0 0 rg BT 134.23 233.00 Td ( business and r) Tj ET Q q 0 0 0 rg BT 197.69 233.00 Td (esults of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.00 Td (Our sales are significantly impacted by the level of education funding primarily in North ) Tj ET Q q 0 0 0 rg BT 406.57 212.00 Td (America, which, in turn is a function ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.00 Td (of the general economic environment. In a weak economy) Tj ET Q q 0 0 0 rg BT 284.26 200.00 Td (, like the one that started in 2009, state and local tax revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.00 Td (declined, restricting funding for K-12 education spending which typically leads to a decrease in demand for school furniture. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.00 Td (Sustained depressions in the per) Tj ET Q q 0 0 0 rg BT 178.11 176.00 Td (-student funding levels provided for in-state and local budgets in the future could have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.00 Td (materially adverse impact on our business, financial condition and results of operations as they have in the past.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.00 Td (In addition, geopolitical uncertainties, terrorist attacks, acts of war) Tj ET Q q 0 0 0 rg BT 314.79 143.00 Td (, natural disasters, increases in ener) Tj ET Q q 0 0 0 rg BT 455.94 143.00 Td (gy and other costs or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.00 Td (combinations of such factors and other factors that are outside of our control could at any time have a significant ef) Tj ET Q q 0 0 0 rg BT 510.78 131.00 Td (fect on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.00 Td (economy) Tj ET Q q 0 0 0 rg BT 86.01 119.00 Td (, which in turn would af) Tj ET Q q 0 0 0 rg BT 181.92 119.00 Td (fect government revenues and allocations of government spending. ) Tj ET Q q 0 0 0 rg BT 454.99 119.00 Td (The occurrence of any of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.00 Td (these or similar events in the future could cause demand for our products to decline or competitive pricing pressures to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.00 Td (increase, either or both of which would adversely af) Tj ET Q q 0 0 0 rg BT 257.80 95.00 Td (fect our business, operating results, cash flows and financial condition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 74.00 Td (Gaps in state budgets may adversely affect our) Tj ET Q q 0 0 0 rg BT 248.97 74.00 Td ( r) Tj ET Q q 0 0 0 rg BT 255.73 74.00 Td (evenue and r) Tj ET Q q 0 0 0 rg BT 310.55 74.00 Td (esults of operations.) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 742.10 Td (irtually all states are required to balance their operating budgets either on an annual or bi-annual basis. Unlike the federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (government, states cannot maintain services during an economic downturn by running a deficit. ) Tj ET Q q 0 0 0 rg BT 437.49 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 446.53 730.10 Td (ithout federal economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (assistance, states that have not recovered from the recent recession will need to address remaining shortfalls with a combination ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (of spending cuts and/or tax increases. If any states cut spending for education to address such budgetary shortfalls, our revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (and results of operations will be adversely af) Tj ET Q q 0 0 0 rg BT 228.93 694.10 Td (fected.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (Reduced levels of spending on education may significantly impact spending on furnitur) Tj ET Q q 0 0 0 rg BT 420.69 673.10 Td (e and incr) Tj ET Q q 0 0 0 rg BT 463.29 673.10 Td (ease price competition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (in the furnitur) Tj ET Q q 0 0 0 rg BT 111.49 661.10 Td (e market. If price competition incr) Tj ET Q q 0 0 0 rg BT 260.99 661.10 Td (eases, we may need to r) Tj ET Q q 0 0 0 rg BT 360.22 661.10 Td (educe our) Tj ET Q q 0 0 0 rg BT 401.98 661.10 Td ( prices to build or) Tj ET Q q 0 0 0 rg BT 477.36 661.10 Td ( maintain our) Tj ET Q q 0 0 0 rg BT 535.52 661.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (market shar) Tj ET Q q 0 0 0 rg BT 102.31 649.10 Td (e, which in turn could lower) Tj ET Q q 0 0 0 rg BT 221.58 649.10 Td ( our) Tj ET Q q 0 0 0 rg BT 238.90 649.10 Td ( pr) Tj ET Q q 0 0 0 rg BT 251.22 649.10 Td (ofit margins.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (The educational furniture market is characterized by price competition, as many sales occur on a bid basis and are based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (demand related to educational funding available to schools. ) Tj ET Q q 0 0 0 rg BT 292.52 616.10 Td (When funding for education declines, schools typically reduce ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (spending on all budget line items prior to reducing teacher and administrator salaries and benefits. ) Tj ET Q q 0 0 0 rg BT 447.20 604.10 Td (This in turn can result in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (reduced demand for school furniture, which in turn can intensify price competition in our industry) Tj ET Q q 0 0 0 rg BT 441.74 592.10 Td (. ) Tj ET Q q 0 0 0 rg BT 449.06 592.10 Td (This price competition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (could impact our ability to implement price increases or) Tj ET Q q 0 0 0 rg BT 273.42 580.10 Td (, in some cases, such as during an industry downturn, maintain prices. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (In addition, when market conditions warrant, we may need to reduce prices to build or maintain our market share. If we are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (unable to increase or maintain prices for our products, our profit mar) Tj ET Q q 0 0 0 rg BT 324.73 556.10 Td (gins could decline. Such decline will be compounded to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (the extent we are unable to maintain or reduce the cost of our products, which may be especially dif) Tj ET Q q 0 0 0 rg BT 448.84 544.10 Td (ficult in the current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (environment given the volatility of the commodities markets.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (Our) Tj ET Q q 0 0 0 rg BT 67.60 511.10 Td ( efforts to intr) Tj ET Q q 0 0 0 rg BT 127.11 511.10 Td (oduce new pr) Tj ET Q q 0 0 0 rg BT 184.16 511.10 Td (oducts that meet customer) Tj ET Q q 0 0 0 rg BT 296.45 511.10 Td ( r) Tj ET Q q 0 0 0 rg BT 303.20 511.10 Td (equir) Tj ET Q q 0 0 0 rg BT 325.80 511.10 Td (ements may not be successful, which could limit our) Tj ET Q q 0 0 0 rg BT 546.45 511.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (sales gr) Tj ET Q q 0 0 0 rg BT 81.76 499.10 Td (owth or) Tj ET Q q 0 0 0 rg BT 114.63 499.10 Td ( cause our) Tj ET Q q 0 0 0 rg BT 157.78 499.10 Td ( sales to decline.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 478.10 Td (o keep pace with industry trends, such as changes in education curriculum and increases in the use of technology) Tj ET Q q 0 0 0 rg BT 506.01 478.10 Td (, and with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (evolving regulatory and industry requirements, including environmental, health, safety and other standards for the education ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (environment and for product performance, we must periodically introduce new products or modify existing ones. ) Tj ET Q q 0 0 0 rg BT 507.47 454.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (introduction of new or modification of existing products requires the coordination of the design, manufacturing and marketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (of such products, which may be af) Tj ET Q q 0 0 0 rg BT 187.28 430.10 Td (fected by factors beyond our control. ) Tj ET Q q 0 0 0 rg BT 339.82 430.10 Td (The design and engineering of certain of our new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (products can take a year or more, and further time may be required to achieve customer acceptance. ) Tj ET Q q 0 0 0 rg BT 453.14 418.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 502.48 418.10 Td (, the launch of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (any particular product may be later or less successful than we originally anticipated. ) Tj ET Q q 0 0 0 rg BT 390.72 406.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 440.62 406.10 Td (, our competitors may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (develop new product designs that achieve a high level of customer acceptance, which could give them a competitive advantage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (over us in making future sales. Dif) Tj ET Q q 0 0 0 rg BT 190.90 382.10 Td (ficulties or delays in introducing new or modified products or lack of customer acceptance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (of such products could limit our sales growth or cause our sales to decline.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (The majority of our) Tj ET Q q 0 0 0 rg BT 134.53 346.10 Td ( sales ar) Tj ET Q q 0 0 0 rg BT 168.78 346.10 Td (e generated under) Tj ET Q q 0 0 0 rg BT 245.81 346.10 Td ( annual contracts, which combined with the seasonal natur) Tj ET Q q 0 0 0 rg BT 495.93 346.10 Td (e of our) Tj ET Q q 0 0 0 rg BT 528.52 346.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (business, may limit our) Tj ET Q q 0 0 0 rg BT 148.72 334.10 Td ( ability to raise prices on a timely basis during a given year) Tj ET Q q 0 0 0 rg BT 399.09 334.10 Td ( in r) Tj ET Q q 0 0 0 rg BT 416.68 334.10 Td (esponse to incr) Tj ET Q q 0 0 0 rg BT 479.83 334.10 Td (eases in costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 310.10 Td (e commit to annual contracts that determine selling prices for goods and services for periods of one year) Tj ET Q q 0 0 0 rg BT 475.04 310.10 Td (, and occasionally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (longer) Tj ET Q q 0 0 0 rg BT 75.00 298.10 Td (. ) Tj ET Q q 0 0 0 rg BT 82.31 298.10 Td (Though the Company has negotiated increased flexibility under many of these contracts that may allow the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (to increase prices on future orders, the Company does not have the ability to raise prices on orders received prior to any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (announced price increase. Due to the intensely seasonal nature of our business, the Company may receive significant orders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (during the first and second quarters for delivery in the second and third quarters. ) Tj ET Q q 0 0 0 rg BT 376.39 262.10 Td (W) Tj ET Q q 0 0 0 rg BT 385.42 262.10 Td (ith respect to any of the contracts described ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (above, if the costs of providing our products or services increase between the date the orders are received and the shipping date, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (we may not be able to implement corresponding increases in our sales prices for such products or services in order to of) Tj ET Q q 0 0 0 rg BT 528.84 238.10 Td (fset the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (related increased costs. Significant cost increases in providing either the services or products during a given contract period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (could therefore lower our profit mar) Tj ET Q q 0 0 0 rg BT 194.48 214.10 Td (gins. By way of example, in 2008, we incurred a severe increase in the price of steel. Steel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (prices increased by more than 80% during a four month period from ) Tj ET Q q 0 0 0 rg BT 324.92 202.10 Td (April to July) Tj ET Q q 0 0 0 rg BT 374.83 202.10 Td (. During the period from ) Tj ET Q q 0 0 0 rg BT 477.31 202.10 Td (April through the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (third quarter of 2008, the price of petroleum increased substantially) Tj ET Q q 0 0 0 rg BT 319.26 190.10 Td (, af) Tj ET Q q 0 0 0 rg BT 331.85 190.10 Td (fecting the cost of plastic, inbound freight, freight to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (customers, and other ener) Tj ET Q q 0 0 0 rg BT 152.56 178.10 Td (gy costs. During the third quarter of 2008, we successfully raised the sales prices under a significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (number of our annual contracts in an ef) Tj ET Q q 0 0 0 rg BT 207.26 166.10 Td (fort to recover mar) Tj ET Q q 0 0 0 rg BT 282.32 166.10 Td (gin lost to increased costs. Due to the seasonal nature of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (business, however) Tj ET Q q 0 0 0 rg BT 122.92 154.10 Td (, approximately 2/3 of orders received and approximately 75% of shipments for the year were priced prior to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (the third quarter increase. During 201) Tj ET Q q 0 0 0 rg BT 202.63 142.10 Td (1, the Company incurred an increase of approximately 30% in the cost of steel during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (second quarter) Tj ET Q q 0 0 0 rg BT 108.18 130.10 Td (, and nearly a 30% increase in the cost of certain plastics over the second and third quarters. ) Tj ET Q q 0 0 0 rg BT 480.37 130.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (increased prices for the 2012 and 2013 years in an ef) Tj ET Q q 0 0 0 rg BT 260.85 118.10 Td (fort to recover these commodity cost increases and expects to increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (prices again for 2015.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (W) Tj ET Q q 0 0 0 rg BT 59.45 82.10 Td (e depend on outside suppliers who may be unable to meet our) Tj ET Q q 0 0 0 rg BT 321.24 82.10 Td ( volume and quality r) Tj ET Q q 0 0 0 rg BT 412.73 82.10 Td (equir) Tj ET Q q 0 0 0 rg BT 435.33 82.10 Td (ements, and we may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (unable to obtain alternative sour) Tj ET Q q 0 0 0 rg BT 189.27 70.10 Td (ces.) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 742.10 Td (e require substantial amounts of raw materials and components to manufacture our products, which we purchase from outside ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (sources. Raw materials comprised our single lar) Tj ET Q q 0 0 0 rg BT 244.21 730.10 Td (gest total cost for 2014, 2013, and 2012. Contracts with most of our suppliers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (are short-term. ) Tj ET Q q 0 0 0 rg BT 113.68 718.10 Td (These suppliers may not continue to provide raw materials and components to us at attractive prices, or at all, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (and we may not be able to obtain the raw materials we need in the future from these or other providers on the scale and within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (the time frames we require. In a deteriorating economic environment, many of the Company's suppliers may experience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 682.10 Td (ficulty obtaining financing and may go out of business. ) Tj ET Q q 0 0 0 rg BT 286.54 682.10 Td (The Company may have dif) Tj ET Q q 0 0 0 rg BT 398.00 682.10 Td (ficulty replacing these suppliers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (especially if the supplier fails as the Company is entering the seasonal summer shipping season. Moreover) Tj ET Q q 0 0 0 rg BT 477.55 670.10 Td (, we do not carry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (significant inventories of raw materials, components or finished goods that could mitigate an interruption or delay in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (availability of raw materials and components. In addition, because we purchase components from international sources, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (primarily China, we are subject to fluctuations in currency exchange rates as well as the impact of natural disasters, war and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (other factors that may disrupt the transportation systems, ports, or shipping lines used by our suppliers, and other uncontrollable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (factors such as changes in foreign regulation or economic conditions. ) Tj ET Q q 0 0 0 rg BT 331.59 610.10 Td (Any failure to obtain raw materials and components on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (timely basis, or any significant delays or interruptions in the supply of raw materials, could prevent us from being able to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (manufacture products ordered by our customers in a timely fashion, which could have a negative impact on our reputation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (could cause our sales to decline.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (Incr) Tj ET Q q 0 0 0 rg BT 68.15 553.10 Td (eases in basic commodity) Tj ET Q q 0 0 0 rg BT 174.54 553.10 Td (, raw material and component costs could adversely affect our) Tj ET Q q 0 0 0 rg BT 438.76 553.10 Td ( pr) Tj ET Q q 0 0 0 rg BT 451.08 553.10 Td (ofitability) Tj ET Q q 0 0 0 rg BT 492.19 553.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (Fluctuations in the price, availability and quality of the commodities, raw materials and components used in manufacturing our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (products could have an adverse ef) Tj ET Q q 0 0 0 rg BT 185.60 520.10 Td (fect on our costs of sales, profitability and our ability to meet customers' demand. ) Tj ET Q q 0 0 0 rg BT 516.30 520.10 Td (The price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (of commodities, raw materials and components, including steel and plastics, our lar) Tj ET Q q 0 0 0 rg BT 383.62 508.10 Td (gest raw material categories, have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (volatile in prior years, and the cost, quality and availability of such commodities have been significantly af) Tj ET Q q 0 0 0 rg BT 476.92 496.10 Td (fected in recent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (years by) Tj ET Q q 0 0 0 rg BT 82.95 484.10 Td (, among other things, changes in global supply and demand, changes in laws and regulations \(including tarif) Tj ET Q q 0 0 0 rg BT 515.17 484.10 Td (fs and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (duties\), changes in exchange rates and worldwide price levels, natural disasters, labor disputes, terrorism and political unrest or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (instability) Tj ET Q q 0 0 0 rg BT 89.35 460.10 Td (. ) Tj ET Q q 0 0 0 rg BT 96.67 460.10 Td (These factors could lead to further price increases or supply interruptions in the future. ) Tj ET Q q 0 0 0 rg BT 447.67 460.10 Td (As discussed above, in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (short term, rapid changes in raw material costs can be very dif) Tj ET Q q 0 0 0 rg BT 298.62 448.10 Td (ficult for us to of) Tj ET Q q 0 0 0 rg BT 366.20 448.10 Td (fset with price increases because, in the case of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (many of our contracts, we have committed to selling prices for goods and services for periods of one year) Tj ET Q q 0 0 0 rg BT 471.97 436.10 Td (, and occasionally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (longer) Tj ET Q q 0 0 0 rg BT 75.00 424.10 Td (. Our profit mar) Tj ET Q q 0 0 0 rg BT 140.63 424.10 Td (gins could be adversely af) Tj ET Q q 0 0 0 rg BT 244.86 424.10 Td (fected if commodity) Tj ET Q q 0 0 0 rg BT 325.29 424.10 Td (, raw material and component costs remain high or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (escalate further) Tj ET Q q 0 0 0 rg BT 110.95 412.10 Td (, and, we are unable to pass along a portion of the higher costs to our customers.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (W) Tj ET Q q 0 0 0 rg BT 59.45 391.10 Td (e ar) Tj ET Q q 0 0 0 rg BT 75.64 391.10 Td (e affected by the cost of energy) Tj ET Q q 0 0 0 rg BT 206.16 391.10 Td (, and incr) Tj ET Q q 0 0 0 rg BT 246.82 391.10 Td (eases in energy prices could r) Tj ET Q q 0 0 0 rg BT 371.34 391.10 Td (educe our) Tj ET Q q 0 0 0 rg BT 413.10 391.10 Td ( margins and pr) Tj ET Q q 0 0 0 rg BT 481.54 391.10 Td (ofits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (The profitability of our operations is sensitive to the cost of ener) Tj ET Q q 0 0 0 rg BT 307.26 370.10 Td (gy relative to our transportation costs, the costs of petroleum-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (based materials \(like plastics\), and the costs of operating our manufacturing facilities. Petroleum prices have fluctuated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (significantly in recent years. Prices and availability of petroleum products are subject to political, economic and market factors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (that are generally outside our control. Political events in petroleum-producing regions as well as hurricanes and other weather) Tj ET Q q 0 0 0 rg BT 554.91 334.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (related events may cause petroleum prices to increase. If such prices increase, our transportation costs may be adversely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 310.10 Td (fected in the form of increased operation costs for our fleet and surchar) Tj ET Q q 0 0 0 rg BT 341.73 310.10 Td (ges on freight paid to third-party carriers. If our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (transportation costs increase, and/or the price of petroleum-based products and cost of operating our manufacturing facilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (increase, these increases could have a negative impact on our gross mar) Tj ET Q q 0 0 0 rg BT 336.37 286.10 Td (gins and profitability) Tj ET Q q 0 0 0 rg BT 419.60 286.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 265.10 Td (Cost and availability of third party fr) Tj ET Q q 0 0 0 rg BT 209.27 265.10 Td (eight can adversely affect pr) Tj ET Q q 0 0 0 rg BT 329.61 265.10 Td (ofitability and r) Tj ET Q q 0 0 0 rg BT 396.66 265.10 Td (esults of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (The majority of our sales are FOB destination, and include freight from ) Tj ET Q q 0 0 0 rg BT 338.35 244.10 Td (V) Tj ET Q q 0 0 0 rg BT 344.98 244.10 Td (irco) Tj ET Q q 0 0 0 rg BT 363.30 244.10 Td (s facilities to the customer location. ) Tj ET Q q 0 0 0 rg BT 510.30 244.10 Td (V) Tj ET Q q 0 0 0 rg BT 516.92 244.10 Td (irco ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (depends upon third party carriers for more than 90% of customer deliveries. Subsequent to 2008, many carriers went out of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (business or reduced the size of their fleets due to economic conditions, and have not increased the fleets as the economy has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (improved. Recent regulation and more stringent enforcement of federal regulations governing the transportation industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (\(especially regarding drivers\) have adversely impacted the cost and availability of transportation services. Further) Tj ET Q q 0 0 0 rg BT 506.93 196.10 Td (, there may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (be a lack of available trained and licensed drivers, which may reduce the availability of transportation services. Inability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (obtain adequate third party freight on a timely basis during the summer delivery season can adversely af) Tj ET Q q 0 0 0 rg BT 466.35 172.10 Td (fect cost to deliver ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (products to customers and the level of customer service, which can in turn adversely impact future sales. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.10 Td (The Company imports component parts from international sources \(primarily China\). Disruptions in the cost or availability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.10 Td (ocean freight or disruptions in port operations, such as the recent Port of LA) Tj ET Q q 0 0 0 rg BT 354.37 127.10 Td ( slowdown may adversely impact the Company) Tj ET Q q 0 0 0 rg BT 547.11 127.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.10 Td (ability to obtain adequate component parts to support sales, particularly in the busy summer season.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (Appr) Tj ET Q q 0 0 0 rg BT 72.60 94.10 Td (oximately 50% of our) Tj ET Q q 0 0 0 rg BT 164.91 94.10 Td ( sales ar) Tj ET Q q 0 0 0 rg BT 199.17 94.10 Td (e priced thr) Tj ET Q q 0 0 0 rg BT 248.97 94.10 Td (ough one contract, under) Tj ET Q q 0 0 0 rg BT 356.01 94.10 Td ( which we ar) Tj ET Q q 0 0 0 rg BT 409.99 94.10 Td (e the exclusive supplier) Tj ET Q q 0 0 0 rg BT 508.41 94.10 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (classr) Tj ET Q q 0 0 0 rg BT 74.26 82.10 Td (oom furnitur) Tj ET Q q 0 0 0 rg BT 129.91 82.10 Td (e.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 61.10 Td ( nationwide contract/price list, which allows schools and school districts to purchase furniture without bidding, accounts for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.10 Td (the pricing of a significant portion of our sales. ) Tj ET Q q 0 0 0 rg BT 242.83 49.10 Td (This contract/price list is sponsored by a nationwide purchasing or) Tj ET Q q 0 0 0 rg BT 508.42 49.10 Td (ganization ) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (that does not purchase products from the Company) Tj ET Q q 0 0 0 rg BT 253.47 742.10 Td (. By providing a public bid specification and authorization service to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (publicly-funded agencies, the or) Tj ET Q q 0 0 0 rg BT 178.66 730.10 Td (ganization's contract/price list enables such agencies to make authorized expenditures of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (taxpayer funds. For all sales under this contract/price list, ) Tj ET Q q 0 0 0 rg BT 284.20 718.10 Td (V) Tj ET Q q 0 0 0 rg BT 290.82 718.10 Td (irco has a direct selling relationship with the purchaser) Tj ET Q q 0 0 0 rg BT 509.24 718.10 Td (, whether it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (is a school, a district, or another publicly-funded agency) Tj ET Q q 0 0 0 rg BT 274.28 706.10 Td (. In addition, ) Tj ET Q q 0 0 0 rg BT 330.21 706.10 Td (V) Tj ET Q q 0 0 0 rg BT 336.83 706.10 Td (irco can ship directly to the purchaser; perform ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (installation services at the purchaser's location; and finally bill directly to, and collect from, the purchaser) Tj ET Q q 0 0 0 rg BT 471.39 694.10 Td (. ) Tj ET Q q 0 0 0 rg BT 478.33 694.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 518.43 694.10 Td (V) Tj ET Q q 0 0 0 rg BT 525.05 694.10 Td (irco sells ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (direct to hundreds of individual schools and school districts, and these schools and school districts can purchase our products ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (and services under several bids and contracts available to them, approximately 51% of ) Tj ET Q q 0 0 0 rg BT 398.03 670.10 Td (V) Tj ET Q q 0 0 0 rg BT 404.65 670.10 Td (irco's sales in 2014 and 49% of ) Tj ET Q q 0 0 0 rg BT 531.53 670.10 Td (V) Tj ET Q q 0 0 0 rg BT 538.15 670.10 Td (irco's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (sales in 2013 were priced under this nationwide contract/price list. In 2008 the Company was awarded a three-year contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (and three one year extensions with this purchasing or) Tj ET Q q 0 0 0 rg BT 262.54 646.10 Td (ganization extending through 2014. In 2014, the Company was awarded a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (three year extension through 2017. If ) Tj ET Q q 0 0 0 rg BT 203.11 634.10 Td (V) Tj ET Q q 0 0 0 rg BT 209.73 634.10 Td (irco were to lose its exclusive supplier status under this contract/price list, and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (manufacturers were allowed to sell under this contract/price list, it could cause ) Tj ET Q q 0 0 0 rg BT 366.65 622.10 Td (V) Tj ET Q q 0 0 0 rg BT 373.27 622.10 Td (irco's sales, or growth in sales, to decline.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (W) Tj ET Q q 0 0 0 rg BT 59.45 601.10 Td (e operate in a seasonal business, and r) Tj ET Q q 0 0 0 rg BT 220.95 601.10 Td (equir) Tj ET Q q 0 0 0 rg BT 243.55 601.10 Td (e significant amounts of working capital thr) Tj ET Q q 0 0 0 rg BT 430.04 601.10 Td (ough our) Tj ET Q q 0 0 0 rg BT 468.48 601.10 Td ( existing cr) Tj ET Q q 0 0 0 rg BT 514.96 601.10 Td (edit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (facility to fund acquisitions of inventory) Tj ET Q q 0 0 0 rg BT 219.74 589.10 Td (, fund expenses for) Tj ET Q q 0 0 0 rg BT 299.56 589.10 Td ( fr) Tj ET Q q 0 0 0 rg BT 309.65 589.10 Td (eight and installation, and finance r) Tj ET Q q 0 0 0 rg BT 461.16 589.10 Td (eceivables during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (summer) Tj ET Q q 0 0 0 rg BT 84.81 577.10 Td ( delivery season. Restrictions imposed by the terms of our) Tj ET Q q 0 0 0 rg BT 332.66 577.10 Td ( existing cr) Tj ET Q q 0 0 0 rg BT 379.13 577.10 Td (edit facility may limit our) Tj ET Q q 0 0 0 rg BT 487.82 577.10 Td ( operating and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (financial flexibility) Tj ET Q q 0 0 0 rg BT 129.73 565.10 Td (. In addition, ther) Tj ET Q q 0 0 0 rg BT 207.34 565.10 Td (e can be no assurance that the Company will meet the r) Tj ET Q q 0 0 0 rg BT 442.97 565.10 Td (equir) Tj ET Q q 0 0 0 rg BT 465.57 565.10 Td (ements of its financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (covenants on an ongoing basis or) Tj ET Q q 0 0 0 rg BT 190.13 553.10 Td ( that should it fail to meet such covenants in the futur) Tj ET Q q 0 0 0 rg BT 417.45 553.10 Td (e, the agent and lender) Tj ET Q q 0 0 0 rg BT 514.21 553.10 Td ( under) Tj ET Q q 0 0 0 rg BT 542.09 553.10 Td ( the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 541.10 Td (Cr) Tj ET Q q 0 0 0 rg BT 61.48 541.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 79.54 541.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 96.02 541.10 Td (eement will agr) Tj ET Q q 0 0 0 rg BT 161.37 541.10 Td (ee to waivers or) Tj ET Q q 0 0 0 rg BT 228.10 541.10 Td ( amendments with r) Tj ET Q q 0 0 0 rg BT 313.19 541.10 Td (espect ther) Tj ET Q q 0 0 0 rg BT 359.38 541.10 Td (eto.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (Our credit facility) Tj ET Q q 0 0 0 rg BT 120.99 520.10 Td (, among other things, lar) Tj ET Q q 0 0 0 rg BT 218.56 520.10 Td (gely prevents us from incurring any additional indebtedness, limits capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (expenditures, restricts dividends and stock repurchases, and provides for seasonal variations in the maximum borrowing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (amount, including a reduced maximum level of borrowing during the fourth fiscal quarter) Tj ET Q q 0 0 0 rg BT 408.51 496.10 Td (. Our credit facility also provides for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (periodic financial covenants, which currently include a minimum EBITDA, a minimum tangible net worth and a minimum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (fixed char) Tj ET Q q 0 0 0 rg BT 90.07 472.10 Td (ge coverage ratio requirement. ) Tj ET Q q 0 0 0 rg BT 216.68 472.10 Td (As a result of the foregoing, our operational and financial flexibility may be limited, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (which may prevent us from engaging in transactions that might further our growth strategy or otherwise be considered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (beneficial to us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (Under our credit facility) Tj ET Q q 0 0 0 rg BT 146.25 427.10 Td (, substantially all of our accounts receivable are automatically and promptly swept to repay amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (outstanding under the credit facility upon our receipt. Due to this automatic liquidating nature, if we breach any covenant, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (violate any representation or warranty or suf) Tj ET Q q 0 0 0 rg BT 227.53 403.10 Td (fer any deterioration in our ability to borrow pursuant to the borrowing base ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (calculation contained in the credit facility) Tj ET Q q 0 0 0 rg BT 215.67 391.10 Td (, we may not have access to cash liquidity unless provided by the lender in its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (discretion. If the indebtedness under our credit facility were to be accelerated, we cannot be certain that we will have suf) Tj ET Q q 0 0 0 rg BT 534.34 379.10 Td (ficient ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (funds available to pay such indebtedness or that we will have the ability to refinance the accelerated indebtedness on terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (favorable to us or at all. ) Tj ET Q q 0 0 0 rg BT 149.41 355.10 Td (Any such acceleration could also result in a foreclosure on all or substantially all of our assets, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (would have a negative impact on the value of our common stock and jeopardize our ability to continue as a going concern. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.10 Td (addition, certain of the covenants and representations and warranties set forth in our credit facility contain limited or no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (materiality thresholds, and many of the representations and warranties must be true and correct in all material respects upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (each borrowing, which we expect to occur on an ongoing basis. ) Tj ET Q q 0 0 0 rg BT 309.19 307.10 Td (There can be no assurance that we will be able to comply with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (all such covenants and be able to continue to make such representations and warranties on an ongoing basis. Due to weak ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.10 Td (demand for education furniture, the Company was unable to satisfy certain financial covenants for numerous periods during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.10 Td (2012, 2013 and most recently its minimum tangible net worth covenant for the relevant period ending January 31, 2015. On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (each occasion, the lender under the Company's Credit ) Tj ET Q q 0 0 0 rg BT 267.01 259.10 Td (Agreement agreed to amend the Company's credit facility and/or waive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (the violation. ) Tj ET Q q 0 0 0 rg BT 107.59 247.10 Td (There can be no assurance that the Company will meet the requirements of its financial covenants on an ongoing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.10 Td (basis or that, should it again fail to meet such covenants, the ) Tj ET Q q 0 0 0 rg BT 292.72 235.10 Td (Agent and Lender under its Credit ) Tj ET Q q 0 0 0 rg BT 431.58 235.10 Td (Agreement will agree to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.10 Td (waivers or amendments with respect thereto.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 59.45 202.10 Td (e may not be able to r) Tj ET Q q 0 0 0 rg BT 151.47 202.10 Td (enew our) Tj ET Q q 0 0 0 rg BT 190.45 202.10 Td ( cr) Tj ET Q q 0 0 0 rg BT 201.65 202.10 Td (edit facility on favorable terms, or) Tj ET Q q 0 0 0 rg BT 346.99 202.10 Td ( at all, which would adversely affect our) Tj ET Q q 0 0 0 rg BT 516.79 202.10 Td ( r) Tj ET Q q 0 0 0 rg BT 523.55 202.10 Td (esults of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 169.10 Td (e have historically relied on third-party bank financing to meet our seasonal cash flow requirements. Our current credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (facility expires in December 2017. On an annual basis, we prepare a lender approved forecast of seasonal working capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.10 Td (requirements and use borrowings under our credit facility with PNC Bank to help meet these seasonal cash flow and working ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.10 Td (capital requirements. Disruptions in the U.S. credit markets have caused the interest rate on prospective debt financing to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (widen considerably and have made financing terms for borrowers less attractive, and in certain cases have resulted in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.10 Td (unavailability of certain types of debt financing. Uncertainty in the credit markets may negatively impact our ability to obtain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.10 Td (approval of our annual forecast, changes in our forecast or renew our credit facility upon its maturity in 2017 on favorable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (terms or at all. If we are unable to access or renew our credit facility on favorable terms \(including available borrowing line ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (and the rate of interest char) Tj ET Q q 0 0 0 rg BT 158.93 73.10 Td (ged thereunder\), or at all, our ability to fund our operations would be impaired, which would have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (material adverse ef) Tj ET Q q 0 0 0 rg BT 125.88 61.10 Td (fect on our results of operations.) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (If management does not accurately for) Tj ET Q q 0 0 0 rg BT 214.51 742.25 Td (ecast the Company's r) Tj ET Q q 0 0 0 rg BT 309.04 742.25 Td (equir) Tj ET Q q 0 0 0 rg BT 331.64 742.25 Td (ements for) Tj ET Q q 0 0 0 rg BT 376.71 742.25 Td ( the peak summer) Tj ET Q q 0 0 0 rg BT 452.92 742.25 Td ( season, the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (r) Tj ET Q q 0 0 0 rg BT 54.26 730.25 Td (esults of operations could be adversely affected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (The Company's business is highly seasonal and requires significant working capital in anticipation of and during the peak ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (summer season. ) Tj ET Q q 0 0 0 rg BT 118.70 697.25 Td (This requires management to make estimates and judgments with respect to the Company's working capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (requirements during, and in anticipation of, the peak summer season. Management expends a significant amount of time in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (first quarter of each year developing a stocking plan and estimating the number of temporary summer employees, the amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (of raw materials, and the types of components and products that will be required during the peak season. If management does ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (not accurately forecast the Company's requirements, the Company's results of operations could be adversely af) Tj ET Q q 0 0 0 rg BT 492.45 649.25 Td (fected. For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.25 Td (example, if management underestimates any of these requirements, ) Tj ET Q q 0 0 0 rg BT 321.39 637.25 Td (V) Tj ET Q q 0 0 0 rg BT 328.01 637.25 Td (irco's ability to meet customer orders in a timely manner ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.25 Td (or to provide adequate customer service may be diminished. If management overestimates any of these requirements, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.25 Td (Company may be required to absorb higher storage, labor and related costs, each of which may negatively af) Tj ET Q q 0 0 0 rg BT 484.95 613.25 Td (fect the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.25 Td (results of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (W) Tj ET Q q 0 0 0 rg BT 59.45 580.25 Td (e may r) Tj ET Q q 0 0 0 rg BT 91.47 580.25 Td (equir) Tj ET Q q 0 0 0 rg BT 114.07 580.25 Td (e additional capital in the futur) Tj ET Q q 0 0 0 rg BT 246.96 580.25 Td (e, which may not be available or) Tj ET Q q 0 0 0 rg BT 384.27 580.25 Td ( may be available only on unfavorable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (terms.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.25 Td (Our capital requirements depend on many factors, including capital improvements, tooling and new product development. ) Tj ET Q q 0 0 0 rg BT 543.29 547.25 Td (T) Tj ET Q q 0 0 0 rg BT 548.70 547.25 Td (o ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.25 Td (the extent that our existing capital is insuf) Tj ET Q q 0 0 0 rg BT 217.28 535.25 Td (ficient to meet these requirements and cover any losses, we may need to raise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.25 Td (additional funds through financings or curtail our growth and reduce our assets. ) Tj ET Q q 0 0 0 rg BT 372.70 523.25 Td (Any equity or debt financing, if available at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.25 Td (all, may be on terms that are not favorable to us. Equity financings could result in dilution to our stockholders, and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.25 Td (securities may have rights, preferences and privileges that are senior to those of our common stock. If our need for capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.25 Td (arises because of significant losses, the occurrence of these losses may make it more dif) Tj ET Q q 0 0 0 rg BT 401.09 487.25 Td (ficult for us to raise the necessary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.25 Td (capital.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (An inability to pr) Tj ET Q q 0 0 0 rg BT 124.00 454.25 Td (otect our) Tj ET Q q 0 0 0 rg BT 161.86 454.25 Td ( intellectual pr) Tj ET Q q 0 0 0 rg BT 223.89 454.25 Td (operty could have a significant impact on our) Tj ET Q q 0 0 0 rg BT 416.76 454.25 Td ( business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 433.25 Td (e attempt to protect our intellectual property rights through a combination of patent, trademark, copyright and trade secret ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.25 Td (laws. Our ability to compete ef) Tj ET Q q 0 0 0 rg BT 176.17 421.25 Td (fectively with our competitors depends, to a significant extent, on our ability to maintain the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.25 Td (proprietary nature of our intellectual property) Tj ET Q q 0 0 0 rg BT 231.22 409.25 Td (. ) Tj ET Q q 0 0 0 rg BT 238.54 409.25 Td (The degree of protection of) Tj ET Q q 0 0 0 rg BT 347.75 409.25 Td (fered by the claims of the various patents, trademarks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.25 Td (and service marks may not be broad enough to provide significant proprietary protection or competitive advantages to us, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.25 Td (patents, trademarks or service marks may not be issued on our pending or contemplated applications. In addition, not all of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.25 Td (products are covered by patents. It is also possible that our patents, trademarks and service marks may be challenged, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 361.25 Td (invalidated, cancelled, narrowed or circumvented. If we are unable to maintain the proprietary nature of our intellectual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.25 Td (property with respect to our significant current or proposed products, our competitors may be able to sell copies of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.25 Td (products, which could adversely af) Tj ET Q q 0 0 0 rg BT 189.50 337.25 Td (fect our ability to sell our original products and could also result in competitive pricing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 325.25 Td (pressures.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td (If third parties claim that we infringe upon their) Tj ET Q q 0 0 0 rg BT 256.47 304.25 Td ( intellectual pr) Tj ET Q q 0 0 0 rg BT 318.51 304.25 Td (operty rights, we may incur) Tj ET Q q 0 0 0 rg BT 436.36 304.25 Td ( liability and costs and may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 292.25 Td (have to r) Tj ET Q q 0 0 0 rg BT 87.59 292.25 Td (edesign or) Tj ET Q q 0 0 0 rg BT 131.02 292.25 Td ( discontinue an infringing pr) Tj ET Q q 0 0 0 rg BT 253.09 292.25 Td (oduct.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 271.25 Td (e face the risk of claims that we have infringed third parties' intellectual property rights. Companies operating in the furniture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.25 Td (industry routinely seek protection of the intellectual property for their product designs, and our principal competitors may have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.25 Td (lar) Tj ET Q q 0 0 0 rg BT 60.37 247.25 Td (ge intellectual property portfolios. Our ef) Tj ET Q q 0 0 0 rg BT 227.63 247.25 Td (forts to identify and avoid infringing third parties' intellectual property rights may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.25 Td (not be successful. ) Tj ET Q q 0 0 0 rg BT 125.26 235.25 Td (Any claims of intellectual property infringement, even those without merit, could \(i\)be expensive and time-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.25 Td (consuming to defend; \(ii\)cause us to cease making, licensing or using products that incorporate the challenged intellectual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.25 Td (property; \(iii\)require us to redesign, reengineer) Tj ET Q q 0 0 0 rg BT 239.80 211.25 Td (, or rebrand our products or packaging, if feasible; or \(iv\)require us to enter into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.25 Td (royalty or licensing agreements in order to obtain the right to use a third party's intellectual property) Tj ET Q q 0 0 0 rg BT 449.37 199.25 Td (. Such claims could have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.25 Td (negative impact on our sales and results of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (W) Tj ET Q q 0 0 0 rg BT 59.45 166.25 Td (e could be r) Tj ET Q q 0 0 0 rg BT 108.98 166.25 Td (equir) Tj ET Q q 0 0 0 rg BT 131.58 166.25 Td (ed to incur) Tj ET Q q 0 0 0 rg BT 177.51 166.25 Td ( substantial costs to comply with envir) Tj ET Q q 0 0 0 rg BT 340.11 166.25 Td (onmental and other) Tj ET Q q 0 0 0 rg BT 423.82 166.25 Td ( legal r) Tj ET Q q 0 0 0 rg BT 453.08 166.25 Td (equir) Tj ET Q q 0 0 0 rg BT 475.67 166.25 Td (ements. ) Tj ET Q q 0 0 0 rg BT 512.98 166.25 Td (V) Tj ET Q q 0 0 0 rg BT 519.83 166.25 Td (iolations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (of, and liabilities under) Tj ET Q q 0 0 0 rg BT 147.99 154.25 Td (, these laws and r) Tj ET Q q 0 0 0 rg BT 221.42 154.25 Td (egulations may incr) Tj ET Q q 0 0 0 rg BT 305.13 154.25 Td (ease our) Tj ET Q q 0 0 0 rg BT 340.21 154.25 Td ( costs or) Tj ET Q q 0 0 0 rg BT 375.02 154.25 Td ( r) Tj ET Q q 0 0 0 rg BT 381.78 154.25 Td (equir) Tj ET Q q 0 0 0 rg BT 404.38 154.25 Td (e us to change our) Tj ET Q q 0 0 0 rg BT 481.42 154.25 Td ( business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (practices.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.25 Td (Our past and present ownership and operation of manufacturing plants are subject to extensive and changing federal, state, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.25 Td (local environmental laws and regulations, including those relating to dischar) Tj ET Q q 0 0 0 rg BT 355.29 109.25 Td (ges to air) Tj ET Q q 0 0 0 rg BT 391.55 109.25 Td (, water and land, the handling and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.25 Td (disposal of solid and hazardous waste and the cleanup of properties af) Tj ET Q q 0 0 0 rg BT 329.45 97.25 Td (fected by hazardous substances. ) Tj ET Q q 0 0 0 rg BT 461.63 97.25 Td (As a result, we are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.25 Td (involved from time to time in administrative and judicial proceedings and inquiries relating to environmental matters and could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.25 Td (become subject to fines or penalties related thereto. ) Tj ET Q q 0 0 0 rg BT 260.29 73.25 Td (W) Tj ET Q q 0 0 0 rg BT 268.93 73.25 Td (e cannot predict what environmental legislation or regulations will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.25 Td (enacted in the future, how existing or future laws or regulations will be administered or interpreted or what environmental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.25 Td (conditions may be found to exist. Compliance with more stringent laws or regulations, or stricter interpretation of existing ) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (laws, may require additional expenditures by us, some of which may be material. If new environmental laws and regulations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (are introduced and enforced domestically) Tj ET Q q 0 0 0 rg BT 214.83 730.10 Td (, but not implemented or enforced internationally) Tj ET Q q 0 0 0 rg BT 411.07 730.10 Td (, we will operate at a competitive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (disadvantage compared to competitors who source product primarily from international sources. In addition, in the past we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (have been identified as a potentially responsible party pursuant to the Comprehensive Environmental Response Compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (and Liability ) Tj ET Q q 0 0 0 rg BT 103.33 694.10 Td (Act \(CERCLA\) for remediation costs associated with waste disposal sites previously used by us. In general, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (CERCLA) Tj ET Q q 0 0 0 rg BT 88.90 682.10 Td ( can impose liability for costs to investigate and remediate contamination without regard to fault or the legality of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (disposal and, under certain circumstances, liability may be joint and several, resulting in one party being held responsible for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (the entire obligation. Liability may also include damages for harm to natural resources. ) Tj ET Q q 0 0 0 rg BT 405.54 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 414.18 658.10 Td (e may also be subject to claims for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (personal injury or contribution relating to CERCLA) Tj ET Q q 0 0 0 rg BT 257.19 646.10 Td ( sites. ) Tj ET Q q 0 0 0 rg BT 284.79 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 293.43 646.10 Td (e reserve amounts for such matters when expenditures are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (probable and reasonably estimable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (In addition to environmental laws and regulations af) Tj ET Q q 0 0 0 rg BT 258.93 613.10 Td (fecting our manufacturing activities, the Company is subject to laws and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (regulations related to consumer product regulation. ) Tj ET Q q 0 0 0 rg BT 259.20 601.10 Td (The Company sells products that are subject to the Consumer Product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (Safety Improvement ) Tj ET Q q 0 0 0 rg BT 133.87 589.10 Td (Act of 2008 and the California ) Tj ET Q q 0 0 0 rg BT 258.28 589.10 Td (Air Resources Board rule implemented on January1, 2009, concerning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (formaldehyde emissions from composite wood products. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (The Patient Pr) Tj ET Q q 0 0 0 rg BT 112.58 556.10 Td (otection and ) Tj ET Q q 0 0 0 rg BT 167.03 556.10 Td (Affordable Car) Tj ET Q q 0 0 0 rg BT 232.67 556.10 Td (e ) Tj ET Q q 0 0 0 rg BT 239.06 556.10 Td (Act may incr) Tj ET Q q 0 0 0 rg BT 294.41 556.10 Td (ease the cost of pr) Tj ET Q q 0 0 0 rg BT 370.32 556.10 Td (oviding medical benefits to employees, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (could have a significant adverse impact on our) Tj ET Q q 0 0 0 rg BT 247.88 544.10 Td ( r) Tj ET Q q 0 0 0 rg BT 254.63 544.10 Td (esults of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 523.10 Td (e currently provide medical, dental, vision, and life insurance benefits to substantially all full-time employees. Recent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (legislation regarding health care reform may cause the cost of providing medical insurance to our employees to increase. ) Tj ET Q q 0 0 0 rg BT 537.42 511.10 Td (W) Tj ET Q q 0 0 0 rg BT 546.05 511.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (may not be able to pass the cost of increased medical costs to our customers, which could cause our costs of sales to increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (and our gross profit to decline.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 59.45 466.10 Td (e may not be able to manage our) Tj ET Q q 0 0 0 rg BT 197.87 466.10 Td ( business effectively if we ar) Tj ET Q q 0 0 0 rg BT 316.27 466.10 Td (e unable to r) Tj ET Q q 0 0 0 rg BT 369.70 466.10 Td (etain our) Tj ET Q q 0 0 0 rg BT 408.13 466.10 Td ( experienced management team or) Tj ET Q q 0 0 0 rg BT 554.57 466.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (r) Tj ET Q q 0 0 0 rg BT 54.26 454.10 Td (ecruit other) Tj ET Q q 0 0 0 rg BT 104.33 454.10 Td ( key personnel.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.10 Td (The success of our operations is highly dependent upon our ability to attract and retain qualified employees and upon the ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.10 Td (of our senior management and other key employees to implement our business strategy) Tj ET Q q 0 0 0 rg BT 398.15 421.10 Td (. ) Tj ET Q q 0 0 0 rg BT 405.47 421.10 Td (W) Tj ET Q q 0 0 0 rg BT 414.11 421.10 Td (e believe there are only a limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.10 Td (number of qualified executives in the industry in which we compete. ) Tj ET Q q 0 0 0 rg BT 329.46 409.10 Td (The loss of the services of key members of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.10 Td (management team could seriously harm our ef) Tj ET Q q 0 0 0 rg BT 235.31 397.10 Td (forts to successfully implement our business strategy) Tj ET Q q 0 0 0 rg BT 446.29 397.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (W) Tj ET Q q 0 0 0 rg BT 59.45 376.10 Td (e ar) Tj ET Q q 0 0 0 rg BT 75.64 376.10 Td (e subject to potential labor) Tj ET Q q 0 0 0 rg BT 189.34 376.10 Td ( disruptions, which could have a significant impact on our) Tj ET Q q 0 0 0 rg BT 435.86 376.10 Td ( business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (None of our work force is represented by unions, and while we believe that we have good relations with our work force, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (may experience work stoppages or other labor problems in the future. ) Tj ET Q q 0 0 0 rg BT 332.97 343.10 Td (Any prolonged work stoppage could have an adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 331.10 Td (fect on our reputation, our vendor relations and our customers.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (Our) Tj ET Q q 0 0 0 rg BT 67.60 307.10 Td ( insurance coverage may not adequately cover) Tj ET Q q 0 0 0 rg BT 264.05 307.10 Td ( for) Tj ET Q q 0 0 0 rg BT 279.14 307.10 Td ( any pr) Tj ET Q q 0 0 0 rg BT 309.52 307.10 Td (oduct liability claims.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 286.10 Td (e maintain product liability and other insurance coverage that we believe to be generally in accordance with industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (practices. Our insurance coverage may not be adequate to protect us fully against substantial claims and costs that may arise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (from product defects, particularly if we have a lar) Tj ET Q q 0 0 0 rg BT 248.34 262.10 Td (ge number of defective products that we must repair) Tj ET Q q 0 0 0 rg BT 456.75 262.10 Td (, retrofit, replace or recall.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 241.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.30 241.10 Td (olatility in the equity markets or) Tj ET Q q 0 0 0 rg BT 194.17 241.10 Td ( inter) Tj ET Q q 0 0 0 rg BT 217.03 241.10 Td (est rates could substantially incr) Tj ET Q q 0 0 0 rg BT 354.63 241.10 Td (ease our) Tj ET Q q 0 0 0 rg BT 389.72 241.10 Td ( pension costs and have a negative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 229.10 Td (impact on our) Tj ET Q q 0 0 0 rg BT 109.82 229.10 Td ( operating r) Tj ET Q q 0 0 0 rg BT 160.19 229.10 Td (esults.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 208.10 Td (e sponsor one qualified defined benefit pension plan, the ) Tj ET Q q 0 0 0 rg BT 287.28 208.10 Td (V) Tj ET Q q 0 0 0 rg BT 293.90 208.10 Td (irco Employee Retirement Plan \(the Employee Plan\), and two ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (nonqualified pension plans. ) Tj ET Q q 0 0 0 rg BT 165.08 196.10 Td (The dif) Tj ET Q q 0 0 0 rg BT 194.05 196.10 Td (ference between plan obligations and assets, or the funded status of the Employee Plan, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (significantly af) Tj ET Q q 0 0 0 rg BT 110.08 184.10 Td (fects net periodic benefit costs of our Employee Plan and our ongoing funding requirements with respect to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (Employee Plan. ) Tj ET Q q 0 0 0 rg BT 118.14 172.10 Td (The Employee Plan is funded with trust assets invested in a diversified portfolio of debt and equity securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (and other investments. ) Tj ET Q q 0 0 0 rg BT 144.71 160.10 Td (Among other factors, changes in interest rates, investment returns and the market value of plan assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (can \(i\)af) Tj ET Q q 0 0 0 rg BT 85.90 148.10 Td (fect the level of plan funding; \(ii\)cause volatility in the net periodic pension cost; and \(iii\)increase our future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (contribution requirements. Because the current economic environment is characterized by declining investment returns and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.10 Td (interest rates, we may be required to make additional cash contributions to the Employee Plan and recognize further increases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (in our net pension cost to satisfy our funding requirements. ) Tj ET Q q 0 0 0 rg BT 290.52 112.10 Td (A) Tj ET Q q 0 0 0 rg BT 297.19 112.10 Td ( significant decrease in investment returns or the market value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (plan assets or a significant decrease in interest rates could increase our net periodic pension costs and adversely af) Tj ET Q q 0 0 0 rg BT 505.76 100.10 Td (fect our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (results of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 67.10 Td (Holders of appr) Tj ET Q q 0 0 0 rg BT 117.60 67.10 Td (oximately 37% of the shar) Tj ET Q q 0 0 0 rg BT 229.62 67.10 Td (es of our) Tj ET Q q 0 0 0 rg BT 266.10 67.10 Td ( stock have enter) Tj ET Q q 0 0 0 rg BT 337.85 67.10 Td (ed into an agr) Tj ET Q q 0 0 0 rg BT 396.84 67.10 Td (eement r) Tj ET Q q 0 0 0 rg BT 434.14 67.10 Td (estricting the sale of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 55.10 Td (stock.) Tj ET Q endstream endobj 41 0 obj <> endobj 42 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Certain shares of the Company's common stock received by the holders thereof as gifts from Julian ) Tj ET Q q 0 0 0 rg BT 448.37 742.10 Td (A. ) Tj ET Q q 0 0 0 rg BT 460.41 742.10 Td (V) Tj ET Q q 0 0 0 rg BT 467.03 742.10 Td (irtue, including shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (received in subsequent stock dividends, are subject to an agreement that restricts the sale or transfer of those shares. ) Tj ET Q q 0 0 0 rg BT 517.62 730.10 Td (As a result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (of the share ownership and representation on the board and in management, the parties to the agreement have significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (influence on af) Tj ET Q q 0 0 0 rg BT 109.79 706.10 Td (fairs and actions of the Company) Tj ET Q q 0 0 0 rg BT 241.61 706.10 Td (, including matters requiring stockholder approval such as the election of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (directors and approval of significant corporate transactions. In addition, these transfer restrictions and concentration of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (ownership could have the ef) Tj ET Q q 0 0 0 rg BT 162.56 682.10 Td (fect of impeding an acquisition of the Company) Tj ET Q q 0 0 0 rg BT 353.25 682.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (Our) Tj ET Q q 0 0 0 rg BT 67.60 661.10 Td ( corporate documents and Delawar) Tj ET Q q 0 0 0 rg BT 217.40 661.10 Td (e law contain pr) Tj ET Q q 0 0 0 rg BT 285.83 661.10 Td (ovisions that could discourage, delay or) Tj ET Q q 0 0 0 rg BT 453.43 661.10 Td ( pr) Tj ET Q q 0 0 0 rg BT 465.75 661.10 Td (event a change in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (contr) Tj ET Q q 0 0 0 rg BT 72.59 649.10 Td (ol of our) Tj ET Q q 0 0 0 rg BT 108.52 649.10 Td ( company) Tj ET Q q 0 0 0 rg BT 149.36 649.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (Provisions in our certificate of incorporation and our amended and restated bylaws may discourage, delay or prevent a mer) Tj ET Q q 0 0 0 rg BT 541.04 628.10 Td (ger ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (or acquisition involving us that our stockholders may consider favorable. For example, our certificate of incorporation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (currently provides for a staggered board of directors, whereby directors serve for three-year terms, with approximately one-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (third of the directors coming up for reelection each year) Tj ET Q q 0 0 0 rg BT 272.96 592.10 Td (. Having a staggered board will make it more dif) Tj ET Q q 0 0 0 rg BT 469.67 592.10 Td (ficult for a third party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (to obtain control of our board of directors through a proxy contest, which may be a necessary step in an acquisition of us that is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (not favored by our board of directors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 547.10 Td (e are also subject to the anti-takeover provisions of Section 203 of the Delaware General Corporation Law) Tj ET Q q 0 0 0 rg BT 483.40 547.10 Td (. Under these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (provisions, if anyone becomes an interested stockholder) Tj ET Q q 0 0 0 rg BT 278.14 535.10 Td (, we may not enter into a business combination with that person for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (three years without special approval, which could discourage a third party from making a takeover of) Tj ET Q q 0 0 0 rg BT 454.68 523.10 Td (fer and could delay or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (prevent a change of control. For purposes of Section 203, interested stockholder means, generally) Tj ET Q q 0 0 0 rg BT 451.17 511.10 Td (, someone owning 15% or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (more of our outstanding voting stock or an af) Tj ET Q q 0 0 0 rg BT 230.89 499.10 Td (filiate of ours that owned 15% or more of our outstanding voting stock during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (past three years, subject to certain exceptions as described in Section 203.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (Our) Tj ET Q q 0 0 0 rg BT 67.60 466.10 Td ( stock price has historically been volatile, and investors in our) Tj ET Q q 0 0 0 rg BT 329.92 466.10 Td ( common stock could suffer) Tj ET Q q 0 0 0 rg BT 446.95 466.10 Td ( a decline in value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 445.10 Td (There has been significant volatility in the market price and trading volume of equity securities, which may be unrelated to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.10 Td (financial performance of the companies issuing the securities. ) Tj ET Q q 0 0 0 rg BT 299.45 433.10 Td (The limited float of shares available for purchase or sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 421.10 Td (irco stock can magnify this volatility) Tj ET Q q 0 0 0 rg BT 202.89 421.10 Td (. ) Tj ET Q q 0 0 0 rg BT 207.71 421.10 Td (These broad market fluctuations may negatively af) Tj ET Q q 0 0 0 rg BT 410.78 421.10 Td (fect the market price of our common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.10 Td (stock. Some specific factors that may have a significant ef) Tj ET Q q 0 0 0 rg BT 282.51 409.10 Td (fect on our common stock market price include:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 388.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 388.10 Td (actual or anticipated fluctuations in our operating results or future prospects;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 367.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 367.10 Td (our announcements or our competitors) Tj ET Q q 0 0 0 rg BT 242.99 367.10 Td ( announcements of new products;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 346.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 346.10 Td (the public) Tj ET Q q 0 0 0 rg BT 128.49 346.10 Td (s reaction to our press releases, our other public announcements and our filings with the SEC;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 325.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 325.10 Td (strategic actions by us or our competitors, such as acquisitions or restructurings;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 304.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 304.10 Td (new laws or regulations or new interpretations of existing laws or regulations applicable to our business;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 283.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 283.10 Td (changes in accounting standards, policies, guidance, interpretations or principles;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 262.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 262.10 Td (changes in our growth rates or our competitors) Tj ET Q q 0 0 0 rg BT 275.48 262.10 Td ( growth rates;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 241.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 241.10 Td (our inability to raise additional capital;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 220.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 220.10 Td (conditions of the school furniture industry as a result of changes in funding or general economic conditions, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 208.10 Td (those resulting from war) Tj ET Q q 0 0 0 rg BT 183.63 208.10 Td (, incidents of terrorism and responses to such events; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 187.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 187.10 Td (changes in stock market analyst recommendations or earnings estimates regarding our common stock, other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 175.10 Td (comparable companies or the education furniture industry generally) Tj ET Q q 0 0 0 rg BT 356.64 175.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 149.10 Td (Item1B. Unr) Tj ET Q q 0 0 0 rg BT 106.20 149.10 Td (esolved Staff Comments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.10 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 107.10 Td (Item2. Pr) Tj ET Q q 0 0 0 rg BT 92.86 107.10 Td (operties) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 86.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.19 86.10 Td (orrance, California) Tj ET Q endstream endobj 43 0 obj <>] /Rotate 0 /Contents 44 0 R>> endobj 44 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 742.10 Td (irco leases a 560,000 sq. ft. of) Tj ET Q q 0 0 0 rg BT 176.13 742.10 Td (fice, manufacturing and warehousing facility located on 23.5 acres of land in ) Tj ET Q q 0 0 0 rg BT 485.84 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 491.25 742.10 Td (orrance, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (California. ) Tj ET Q q 0 0 0 rg BT 95.36 730.10 Td (This facility is occupied under a five year lease expiring on February28, 2020. ) Tj ET Q q 0 0 0 rg BT 413.41 730.10 Td (This facility also includes the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (corporate headquarters, the ) Tj ET Q q 0 0 0 rg BT 160.87 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 169.51 718.10 Td (est Coast showroom, and all ) Tj ET Q q 0 0 0 rg BT 284.87 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 293.51 718.10 Td (est Coast distribution operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 692.60 Td (Conway) Tj ET Q q 0 0 0 rg BT 82.97 692.60 Td (, ) Tj ET Q q 0 0 0 rg BT 87.60 692.60 Td (Arkansas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.60 Td (The Company owns 100 acres of land in Conway) Tj ET Q q 0 0 0 rg BT 247.09 671.60 Td (, ) Tj ET Q q 0 0 0 rg BT 251.54 671.60 Td (Arkansas, containing 1,200,000 sq. ft. of manufacturing, warehousing, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.60 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 659.60 Td (fice space. ) Tj ET Q q 0 0 0 rg BT 105.16 659.60 Td (This facility - which is equipped with high-density storage systems, features 70 dock doors dedicated to outbound ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.60 Td (freight, and has substantial yard capacity to store and stage trailers - has enabled the Company to consolidate the warehousing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.60 Td (function and implement the ) Tj ET Q q 0 0 0 rg BT 162.20 635.60 Td (Assemble-to-Ship inventory stocking program. Management believes that this facility supports ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.60 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 623.60 Td (irco's ability to handle increased sales during the peak delivery season and enhances the ef) Tj ET Q q 0 0 0 rg BT 417.55 623.60 Td (ficiency with which orders are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.60 Td (filled. ) Tj ET Q q 0 0 0 rg BT 78.42 611.60 Td (This facility and the underlying real estate, along with the rest of the Company) Tj ET Q q 0 0 0 rg BT 396.11 611.60 Td (s assets secure the Company) Tj ET Q q 0 0 0 rg BT 512.75 611.60 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.60 Td (obligations under its credit facility) Tj ET Q q 0 0 0 rg BT 187.09 599.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.60 Td (In addition to the complex described above, the Company operates two other facilities in Conway) Tj ET Q q 0 0 0 rg BT 440.08 578.60 Td (, ) Tj ET Q q 0 0 0 rg BT 444.53 578.60 Td (Arkansas. ) Tj ET Q q 0 0 0 rg BT 486.56 578.60 Td (The first is a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 566.60 Td (375,000 sq. ft. fabrication facility that was acquired in 1954, and expanded and modernized over subsequent years. ) Tj ET Q q 0 0 0 rg BT 511.90 566.60 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.60 Td (Company manufactures fabricated steel components, chrome plates, and fabricates injection-molded plastic components at this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.60 Td (facility) Tj ET Q q 0 0 0 rg BT 77.67 542.60 Td (. ) Tj ET Q q 0 0 0 rg BT 84.99 542.60 Td (These components are transferred to other facilities for assembly into finished goods. ) Tj ET Q q 0 0 0 rg BT 430.82 542.60 Td (The second is a 175,000 sq. ft. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.60 Td (manufacturing facility that is used to fabricate and store compression-molded components. ) Tj ET Q q 0 0 0 rg BT 417.77 530.60 Td (This building is leased under a 10-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.60 Td (year lease expiring in March2018.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 493.10 Td (Item3. Legal Pr) Tj ET Q q 0 0 0 rg BT 119.24 493.10 Td (oceedings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 469.10 Td (irco has various legal actions pending against it arising in the ordinary course of business, which in the opinion of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 457.10 Td (Company) Tj ET Q q 0 0 0 rg BT 88.24 457.10 Td (, are not material in that management either expects that the Company will be successful on the merits of the pending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 445.10 Td (cases or that any liabilities resulting from such cases will be substantially covered by insurance. ) Tj ET Q q 0 0 0 rg BT 437.77 445.10 Td (While it is impossible to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.10 Td (estimate with certainty the ultimate legal and financial liability with respect to these suits and claims, management believes that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.10 Td (the aggregate amount of such liabilities will not be material to the results of operations, financial position, or cash flows of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.10 Td (Company) Tj ET Q q 0 0 0 rg BT 88.24 409.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (Item4. Mine Safety Disclosur) Tj ET Q q 0 0 0 rg BT 176.19 376.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (Not applicable.) Tj ET Q endstream endobj 45 0 obj <> endobj 46 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.85 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 293.22 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 307.31 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 313.80 742.25 Td ( II) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 721.25 Td (Item5. Market for) Tj ET Q q 0 0 0 rg BT 129.79 721.25 Td ( Registrant) Tj ET Q q 0 0 0 rg BT 180.23 721.25 Td (s Common Equity) Tj ET Q q 0 0 0 rg BT 256.92 721.25 Td (, Related Stockholder) Tj ET Q q 0 0 0 rg BT 348.68 721.25 Td ( Matters and Issuer) Tj ET Q q 0 0 0 rg BT 432.10 721.25 Td ( Pur) Tj ET Q q 0 0 0 rg BT 450.53 721.25 Td (chases of Equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.25 Td (The NASDAQ exchange is the principal market on which ) Tj ET Q q 0 0 0 rg BT 283.92 688.25 Td (V) Tj ET Q q 0 0 0 rg BT 290.54 688.25 Td (irco Mfg. Corporation \(VIRC\)stock is traded. ) Tj ET Q q 0 0 0 rg BT 476.90 688.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.34 688.25 Td (March23, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 676.25 Td (, there were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.67 676.25 Td (205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.67 676.25 Td ( registered stockholders according to the Company's transfer agent records. ) Tj ET Q q 0 0 0 rg BT 497.21 676.25 Td (As of such date, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.25 Td (there were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.67 664.25 Td (816) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.67 664.25 Td ( beneficial stockholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 638.75 Td (Dividend Policy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 617.75 Td (Historically it has been the board of directors' policy to periodically review the payment of cash and stock dividends in light of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 605.75 Td (the Company's earnings and liquidity) Tj ET Q q 0 0 0 rg BT 198.35 605.75 Td (. During the fourth quarter of 2007, the Company initiated a quarterly dividend of $0.025 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 593.75 Td (per share. Ef) Tj ET Q q 0 0 0 rg BT 103.13 593.75 Td (fective as of the third quarter of 201) Tj ET Q q 0 0 0 rg BT 246.87 593.75 Td (1, the board of directors suspended the quarterly cash dividend program. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 581.75 Td (addition, pursuant to the terms of the Company's current line of credit with PNC Bank, which was entered into on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 569.75 Td (December22, 201) Tj ET Q q 0 0 0 rg BT 123.21 569.75 Td (1, the Company is prohibited from paying dividends. Consequently) Tj ET Q q 0 0 0 rg BT 394.48 569.75 Td (, for at least as long as this covenant is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.75 Td (included in its credit agreement with PNC Bank, no dividends will be paid by the Company to its stockholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 531.75 Td (Quarterly Stock Market Information) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 520.95 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 472.45 252.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 472.45 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 472.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 472.45 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 472.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 472.45 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 472.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 472.45 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 444.45 252.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 444.45 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 444.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 444.45 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 444.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 444.45 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 444.45 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 444.45 57.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 486.45 m 359.5 486.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 486.45 m 363.5 486.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 486.45 m 420.5 486.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 486.45 m 424.5 486.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 486.45 m 481.5 486.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 486.45 m 485.5 486.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 486.45 m 542.5 486.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 472.45 m 359.5 472.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 472.45 m 420.5 472.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 472.45 m 481.5 472.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 472.45 m 542.5 472.45 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 502.40 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.75 502.53 Td (Common Stock Range) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 490.40 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.00 490.53 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.00 490.53 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.50 477.02 Td (High) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.30 477.02 Td (Low) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 477.02 Td (High) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.30 477.02 Td (Low) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 463.02 Td (1st Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.25 463.02 Td ($2.70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.25 463.02 Td ($2.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.25 463.02 Td ($2.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.25 463.02 Td ($1.96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 449.02 Td (2nd Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.75 449.02 Td (2.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.75 449.02 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.75 449.02 Td (2.53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.75 449.02 Td (1.95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 435.02 Td (3rd Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.75 435.02 Td (3.41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.75 435.02 Td (2.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.75 435.02 Td (2.49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.75 435.02 Td (1.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 421.02 Td (4th Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.75 421.02 Td (3.85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.75 421.02 Td (2.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.75 421.02 Td (2.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.75 421.02 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 391.45 Td (Stock Repur) Tj ET Q q 0 0 0 rg BT 103.43 391.45 Td (chases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.45 Td (The Company did not repurchase any shares of its stock during 2014. Pursuant to the Company's credit agreement with PNC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.45 Td (Bank, the Company is prohibited from repurchasing any shares of its stock except in cases where a repurchase is financed by a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.45 Td (substantially concurrent issuance of new shares of the Company's common stock.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 320.95 Td (Stock Performance Graph) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.95 Td (The graph set forth below compares the five-year cumulative total stockholder return of the Company's common stock with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.95 Td (cumulative total stockholder return of \(i\)an industry peer group index, and \(ii\)the NASDAQ Market Index. ) Tj ET Q q 0 0 0 rg BT 484.98 287.95 Td (The graph assumes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.95 Td ($100 was invested on February1, 2010, in the Company's common stock, the NASDAQ Market Index and the companies in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.95 Td (the peer group and assumes the reinvestment of dividends, if any) Tj ET Q q 0 0 0 rg BT 309.00 263.95 Td (.) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.15 742.25 Td (COMP) Tj ET Q q 0 0 0 rg BT 197.95 742.25 Td (ARISON OF) Tj ET Q q 0 0 0 rg BT 252.87 742.25 Td ( 5-YEAR CUMULA) Tj ET Q q 0 0 0 rg BT 338.78 742.25 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 365.56 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 372.05 742.25 Td (OT) Tj ET Q q 0 0 0 rg BT 385.75 742.25 Td (AL) Tj ET Q q 0 0 0 rg BT 399.09 742.25 Td ( RETURN) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.70 730.25 Td (AMONG ) Tj ET Q q 0 0 0 rg BT 192.46 730.25 Td (VIRCO MFG. CORPORA) Tj ET Q q 0 0 0 rg BT 306.43 730.25 Td (TION, NASDAQ MARKET) Tj ET Q q 0 0 0 rg BT 426.53 730.25 Td ( INDEX) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.30 718.25 Td (AND MORNINGST) Tj ET Q q 0 0 0 rg BT 324.51 718.25 Td (AR INDEX) Tj ET Q BT /F1 14.00 Tf ET q 0 0 0 rg BT 50.00 701.45 Td () Tj ET Q /GS0 gs q 512.00 0 0 282.15 50.00 414.29 cm /I18 Do Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 358.80 157.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 358.80 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 358.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 358.80 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 358.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 358.80 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 358.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 358.80 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 358.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 358.80 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 358.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 358.80 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 330.80 157.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 330.80 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 330.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 330.80 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 330.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 330.80 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 330.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 330.80 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 330.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 330.80 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 330.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 330.80 56.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 370.8 m 263.5 370.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 370.8 m 267.5 370.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 370.8 m 322.5 370.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 370.8 m 326.5 370.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 370.8 m 382.5 370.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 370.8 m 386.5 370.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 370.8 m 442.5 370.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 370.8 m 446.5 370.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 370.8 m 502.5 370.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 370.8 m 506.5 370.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 370.8 m 562.5 370.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 358.8 m 207.5 358.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 358.8 m 263.5 358.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 358.8 m 322.5 358.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 358.8 m 382.5 358.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 358.8 m 442.5 358.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 358.8 m 502.5 358.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 358.8 m 562.5 358.8 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 374.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.70 374.88 Td (Period Ending) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 362.88 Td (Company/Market/Peer Group) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 218.75 362.88 Td (1/31/2010) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.45 362.88 Td (1/31/2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.75 362.88 Td (1/31/2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.75 362.88 Td (1/31/2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.75 362.88 Td (1/31/2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.75 362.88 Td (1/31/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 349.37 Td (Virco Mfg. Corporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.00 349.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.15 349.37 Td (100.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 349.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.15 349.37 Td (89.78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 349.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 349.37 Td (53.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 349.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 349.37 Td (80.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 349.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 349.37 Td (78.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 349.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 349.37 Td (72.30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 335.37 Td (NASDAQ Market Index) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.00 335.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.15 335.37 Td (100.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 335.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.15 335.37 Td (126.93) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 335.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 335.37 Td (133.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 335.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 335.37 Td (151.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 335.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 335.37 Td (200.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 335.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 335.37 Td (228.61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 321.37 Td (Morningstar Business Equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.00 321.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.15 321.37 Td (100.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 321.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.15 321.37 Td (131.52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 321.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 321.37 Td (117.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 321.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 321.37 Td (109.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 321.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 321.37 Td (100.48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 321.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 321.37 Td (110.74) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.30 Td (The current composition of Morningstar Business Equipment Index is as follows: ) Tj ET Q q 0 0 0 rg BT 378.01 296.30 Td (ACCO Brands Corp., ) Tj ET Q q 0 0 0 rg BT 466.07 296.30 Td (Addmaster Corp., ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.30 Td (American Locker Group Inc., ) Tj ET Q q 0 0 0 rg BT 170.51 284.30 Td (A) Tj ET Q q 0 0 0 rg BT 176.99 284.30 Td (very Dennison Corp., Banneker Inc., ioAuthorize Holdings Inc., Brother Industries Ltd., Canon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.30 Td (Inc., Canon Marketing Japan Inc., Comtrex, Systems Corp., Coupon Express Inc., Datalogic Spa, Document Capture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.30 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 260.30 Td (echnologies Inc., Domino Printing Sciences PLC., Ennis Inc., Everlert Inc., Global Payment ) Tj ET Q q 0 0 0 rg BT 426.82 260.30 Td (T) Tj ET Q q 0 0 0 rg BT 432.23 260.30 Td (echnologies Inc., Gunther ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.30 Td (International Ltd., Herman Miller Inc., HNI Corp., Inscape Corp., Japan Cash Machine Co., Ltd., Kewaunee Scientific Corp., ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.30 Td (Knoll Inc., Koala Corp., Konica Minolta Inc., Marmion Industries Corp., Neopost, Odawara ) Tj ET Q q 0 0 0 rg BT 420.76 236.30 Td (Auto-Machine Mfg.Co.,Ltd., Onyx ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.30 Td (Service & Solutions Inc., Pitney Bowes Inc., Reconditioned Systems Inc.Ricoh Ltd., Roboserver Systems Corp., Standard ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.30 Td (Register Co., Steelcase Inc., ) Tj ET Q q 0 0 0 rg BT 164.79 212.30 Td (T) Tj ET Q q 0 0 0 rg BT 170.20 212.30 Td (akano Co Ltd., ) Tj ET Q q 0 0 0 rg BT 231.95 212.30 Td (T) Tj ET Q q 0 0 0 rg BT 237.36 212.30 Td (eleconnect Inc., ) Tj ET Q q 0 0 0 rg BT 302.70 212.30 Td (T) Tj ET Q q 0 0 0 rg BT 308.45 212.30 Td (rxade Group Inc., U-V) Tj ET Q q 0 0 0 rg BT 398.14 212.30 Td (end Inc., ) Tj ET Q q 0 0 0 rg BT 435.17 212.30 Td (V) Tj ET Q q 0 0 0 rg BT 441.28 212.30 Td (eriFone Systems Inc., ) Tj ET Q q 0 0 0 rg BT 530.26 212.30 Td (V) Tj ET Q q 0 0 0 rg BT 536.88 212.30 Td (irco ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.30 Td (Mfg. Corporation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 174.30 Td (Item 6. Selected Financial Data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 153.30 Td (The following tables set forth selected historical consolidated financial data for the periods indicated. ) Tj ET Q q 0 0 0 rg BT 457.18 153.30 Td (The following data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 141.30 Td (should be read in conjunction with Item8, Financial Statements and Supplementary Data, and with Item7, Management) Tj ET Q q 0 0 0 rg BT 534.88 141.30 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 129.30 Td (Discussion and ) Tj ET Q q 0 0 0 rg BT 112.78 129.30 Td (Analysis of Financial Condition and Results of Operations of this ) Tj ET Q q 0 0 0 rg BT 376.65 129.30 Td (Annual Report on Form 10K.) Tj ET Q endstream endobj 49 0 obj <> endobj 50 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (23) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.55 742.25 Td (Five ) Tj ET Q q 0 0 0 rg BT 227.00 742.25 Td (Y) Tj ET Q q 0 0 0 rg BT 233.12 742.25 Td (ear) Tj ET Q q 0 0 0 rg BT 246.81 742.25 Td ( Summary of Selected Financial Data) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 701.75 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 701.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 701.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 701.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 701.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 701.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 701.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 701.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 701.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 701.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 671.75 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 671.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 671.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 671.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 671.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 671.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 671.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 671.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 671.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 671.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 641.75 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 641.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 641.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 641.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 641.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 641.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 641.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 641.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 641.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 641.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 611.75 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 611.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 611.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 611.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 611.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 611.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 611.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 611.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 611.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 611.75 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 701.75 m 246.5 701.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 701.75 m 306.5 701.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 701.75 m 370.5 701.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 701.75 m 434.5 701.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 701.75 m 498.5 701.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 701.75 m 562.5 701.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 706.00 Td (In thousands, except per share data) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 268.00 705.98 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.00 705.98 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.00 705.98 Td (2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.20 705.98 Td (2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.00 705.98 Td (2010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 692.32 Td (Summary of income \(operations\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 677.32 Td (Net sales *) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 676.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.15 676.42 Td (164,052) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.00 676.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.15 676.42 Td (155,042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 676.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 676.42 Td (157,913) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 676.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 676.42 Td (165,367) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 676.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 676.42 Td (179,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 662.32 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 661.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.65 661.42 Td (849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.00 661.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.80 661.47 Td (\(1,730) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 661.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 661.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.80 661.47 Td (\(3,830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 661.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 661.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 661.47 Td (\(13,803) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 661.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 661.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 661.47 Td (\(17,594) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 661.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 647.32 Td (Net income \(loss\) per share data **) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 632.32 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 631.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.15 631.42 Td (0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.00 631.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.80 631.47 Td (\(0.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 631.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 631.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.80 631.47 Td (\(0.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 631.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 631.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.80 631.47 Td (\(0.97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 631.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 631.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 631.47 Td (\(1.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 631.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 617.32 Td (Assuming dilution) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.15 616.42 Td (0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.80 616.47 Td (\(0.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 616.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.80 616.47 Td (\(0.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 616.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.80 616.47 Td (\(0.97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 616.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 616.47 Td (\(1.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 616.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 602.32 Td (Cash dividends declared per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 601.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.65 601.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.00 601.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.65 601.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 601.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 601.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 601.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 601.42 Td (0.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 601.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 601.42 Td (0.10) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 585.25 Td (__________________________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 573.25 Td (* ) Tj ET Q q 0 0 0 rg BT 77.00 573.25 Td (The Company reclassified $878,000, $943,000, 1,074,000 and 1,296,000 in fiscal years 2013, 2012, 201) Tj ET Q q 0 0 0 rg BT 494.07 573.25 Td (1 and 2010, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 561.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 124.66 561.25 Td (, from Selling, General and ) Tj ET Q q 0 0 0 rg BT 235.47 561.25 Td (Administrative expenses to Net Sales on the Statement of Operations to conform ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 549.25 Td (to the current year presentation and to maintain comparability among the periods presented. In 2013, 2012, 201) Tj ET Q q 0 0 0 rg BT 524.28 549.25 Td (1 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 537.25 Td (2010, the Company incurred sales rebates and customer discounts which should have been classified as contra revenue. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 525.25 Td (** ) Tj ET Q q 0 0 0 rg BT 77.00 525.25 Td (Net loss per share for fiscal years 2013, 2012, 201) Tj ET Q q 0 0 0 rg BT 277.41 525.25 Td (1 and 2010 was calculated based on basic shares outstanding due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 513.25 Td (the anti-dilutive ef) Tj ET Q q 0 0 0 rg BT 150.68 513.25 Td (fect on the inclusion of common stock equivalent shares.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.50 487.25 Td (Other) Tj ET Q q 0 0 0 rg BT 285.87 487.25 Td ( Financial Data) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 476.45 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 445.95 196.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 445.95 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 445.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 445.95 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 445.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 445.95 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 445.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 445.95 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 445.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 445.95 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 417.95 196.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 417.95 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 417.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 417.95 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 417.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 417.95 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 417.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 417.95 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 417.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 417.95 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 389.95 196.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 389.95 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 389.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 389.95 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 389.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 389.95 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 389.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 389.95 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 389.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 389.95 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 361.95 196.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 361.95 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 361.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 361.95 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 361.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 361.95 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 361.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 361.95 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 361.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 361.95 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 445.95 m 246.5 445.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 445.95 m 306.5 445.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 445.95 m 370.5 445.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 445.95 m 434.5 445.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 445.95 m 498.5 445.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 445.95 m 562.5 445.95 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 450.20 Td (In thousands, except per share data) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 268.00 450.18 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.00 450.18 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.00 450.18 Td (2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.20 450.18 Td (2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.00 450.18 Td (2010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 436.52 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 436.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.15 436.52 Td (81,811) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.00 436.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 436.52 Td (83,344) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 436.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 436.52 Td (82,163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 436.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 436.52 Td (94,225) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 436.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 436.52 Td (100,588) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 422.52 Td (Working capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 422.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.15 422.52 Td (17,566) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.00 422.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 422.52 Td (16,983) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 422.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 422.52 Td (12,526) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 422.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 422.52 Td (18,598) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 422.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 422.52 Td (29,498) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 408.52 Td (Current ratio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.70 408.52 Td (1.8/1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.70 408.52 Td (1.7/1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.70 408.52 Td (1.5/1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.70 408.52 Td (1.7/1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.70 408.52 Td (2.5/1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 394.52 Td (Total long-term obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 394.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.15 394.52 Td (37,833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.00 394.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 394.52 Td (33,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 394.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 394.52 Td (30,707) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 394.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 394.52 Td (36,119) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 394.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 394.52 Td (30,169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 380.52 Td (Stockholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 380.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.15 380.52 Td (22,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.00 380.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 380.52 Td (27,605) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 380.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 380.52 Td (27,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 380.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 380.52 Td (30,896) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 380.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 380.52 Td (50,402) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 366.52 Td (Shares outstanding at year-end) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.15 366.52 Td (14,853) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 366.52 Td (14,718) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 366.52 Td (14,550) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 366.52 Td (14,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 366.52 Td (14,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 352.52 Td (Stockholders equity per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 352.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.15 352.52 Td (1.52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.00 352.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 352.52 Td (1.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 352.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 352.52 Td (1.86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 352.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 352.52 Td (2.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 352.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 352.52 Td (3.55) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.45 Td (_______________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 296.95 Td (Item 7. Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 213.34 296.95 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 275.95 Td (Cautionary Statement Regar) Tj ET Q q 0 0 0 rg BT 164.06 275.95 Td (ding Forwar) Tj ET Q q 0 0 0 rg BT 214.53 275.95 Td (d-Looking Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.95 Td (This Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 193.45 254.95 Td (Analysis of Financial Condition and Results of Operations includes a number of forward-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.95 Td (looking statements that reflect the Company's current views with respect to future events and financial performance, including, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.95 Td (but not limited to, availability of funding for educational institutions, economic conditions, statements regarding plans and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.95 Td (objectives of management for future operations, including plans and objectives relating to products, pricing, marketing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.95 Td (expansion, and manufacturing processes; new business strategies; the Company's ability to continue to control costs and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.95 Td (inventory levels; availability and cost of raw materials, especially steel and petroleum-based products; the availability and cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.95 Td (of labor; the potential impact of the Company's Assemble-T) Tj ET Q q 0 0 0 rg BT 293.82 182.95 Td (o-Ship program on earnings; market demand; the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.95 Td (ability to position itself in the market; references to current and future investments in and utilization of infrastructure; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.95 Td (statements relating to management's beliefs that cash flow from current operations, existing cash reserves, and available lines of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.95 Td (credit will be suf) Tj ET Q q 0 0 0 rg BT 117.30 146.95 Td (ficient to support the Company's working capital requirements to fund existing operations; references to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.95 Td (expectations of future revenues; pricing; and seasonality) Tj ET Q q 0 0 0 rg BT 274.83 134.95 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.95 Td (Such statements involve known and unknown risks, uncertainties, assumptions and other factors, many of which are outside of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.95 Td (the Company's control and dif) Tj ET Q q 0 0 0 rg BT 170.49 101.95 Td (ficult to forecast, that may cause actual results to dif) Tj ET Q q 0 0 0 rg BT 379.12 101.95 Td (fer materially from those which are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.95 Td (anticipated. Such factors include, but are not limited to, changes in, or the Company's ability to predict, general economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.95 Td (conditions, the markets for school and of) Tj ET Q q 0 0 0 rg BT 213.39 77.95 Td (fice furniture generally and specifically in areas and with customers with which the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.95 Td (Company conducts its principal business activities, the rate of approval of school bonds for the construction of new schools, the ) Tj ET Q endstream endobj 51 0 obj <>] /Rotate 0 /Contents 52 0 R>> endobj 52 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (extent to which existing schools order replacement furniture, customer confidence, competition and other factors included in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (the Risk Factors section of this report.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.10 Td (In this report, words such as anticipates, believes, expects, will continue, future, intends, plans, estimates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (projects, potential, budgets, may) Tj ET Q q 0 0 0 rg BT 210.39 697.10 Td (, could and similar expressions identify forward-looking statements. Readers are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 659.60 Td (Executive Overview) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 638.60 Td (Management's strategy is to position ) Tj ET Q q 0 0 0 rg BT 198.54 638.60 Td (V) Tj ET Q q 0 0 0 rg BT 205.17 638.60 Td (irco as the overall value supplier of educational furniture and equipment. ) Tj ET Q q 0 0 0 rg BT 498.77 638.60 Td (The markets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 626.60 Td (that ) Tj ET Q q 0 0 0 rg BT 67.31 626.60 Td (V) Tj ET Q q 0 0 0 rg BT 73.94 626.60 Td (irco serves include the education market \(the Company's primary market\), which is made up of public and private schools ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 614.60 Td (\(preschool through 12th grade\), junior and community colleges, four) Tj ET Q q 0 0 0 rg BT 324.73 614.60 Td (-year colleges and universities; and trade, technical and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 602.60 Td (vocational schools. ) Tj ET Q q 0 0 0 rg BT 131.47 602.60 Td (V) Tj ET Q q 0 0 0 rg BT 138.09 602.60 Td (irco also serves convention centers and arenas; the hospitality industry) Tj ET Q q 0 0 0 rg BT 419.31 602.60 Td (, with respect to their banquet and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 590.60 Td (meeting facilities; government facilities at the federal, state, county and municipal levels; and places of worship. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.60 Td (the Company sells to wholesalers, distributors, retailers, catalog retailers, and internet retailers that serve these same markets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 566.60 Td (These institutions are frequently characterized by extreme seasonality and/or a bid-based purchasing function. ) Tj ET Q q 0 0 0 rg BT 494.94 566.60 Td (The Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.60 Td (business model, which is designed to support this strategy) Tj ET Q q 0 0 0 rg BT 281.27 554.60 Td (, includes the development of several competencies to enable superior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.60 Td (service to the markets in which ) Tj ET Q q 0 0 0 rg BT 177.00 542.60 Td (V) Tj ET Q q 0 0 0 rg BT 183.62 542.60 Td (irco competes. ) Tj ET Q q 0 0 0 rg BT 246.38 542.60 Td (An important element of ) Tj ET Q q 0 0 0 rg BT 347.29 542.60 Td (V) Tj ET Q q 0 0 0 rg BT 353.91 542.60 Td (irco's business model is the Company's emphasis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.60 Td (on developing and maintaining key manufacturing, warehousing, distribution, installation, project management, and service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.60 Td (capabilities. ) Tj ET Q q 0 0 0 rg BT 102.86 518.60 Td (The Company has developed a comprehensive product of) Tj ET Q q 0 0 0 rg BT 332.88 518.60 Td (fering for the furniture, fixtures and equipment needs of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.60 Td (the K-12 education market, enabling a school to procure all of its furniture, fixtures and equipment \(FF&E\) requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.60 Td (from one source.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 473.60 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 473.60 Td (irco's product of) Tj ET Q q 0 0 0 rg BT 121.56 473.60 Td (fering consists primarily of items manufactured by ) Tj ET Q q 0 0 0 rg BT 326.60 473.60 Td (V) Tj ET Q q 0 0 0 rg BT 333.22 473.60 Td (irco, complemented with products sourced from other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 461.60 Td (furniture manufacturers. Our product of) Tj ET Q q 0 0 0 rg BT 211.43 461.60 Td (ferings are continually enhanced with an ongoing new product development program ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.60 Td (that incorporates internally developed products as well as product lines developed with accomplished designers. Finally) Tj ET Q q 0 0 0 rg BT 530.89 449.60 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 437.60 Td (management continues to hone ) Tj ET Q q 0 0 0 rg BT 176.45 437.60 Td (V) Tj ET Q q 0 0 0 rg BT 183.07 437.60 Td (irco's ability to forecast, finance, manufacture, warehouse, deliver) Tj ET Q q 0 0 0 rg BT 446.30 437.60 Td (, and install furniture within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 425.60 Td (the relatively narrow delivery window associated with the highly seasonal demand for education sales. In 2014 and 2013, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 413.60 Td (approximately 50% of the Company's total sales were delivered in June, July) Tj ET Q q 0 0 0 rg BT 357.19 413.60 Td (, and ) Tj ET Q q 0 0 0 rg BT 378.57 413.60 Td (August with an even higher portion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 401.60 Td (educational sales delivered in that period. ) Tj ET Q q 0 0 0 rg BT 220.50 401.60 Td (A) Tj ET Q q 0 0 0 rg BT 226.98 401.60 Td (verage weekly shipments during July and ) Tj ET Q q 0 0 0 rg BT 394.72 401.60 Td (August can be as great as six times the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 389.60 Td (level of average weekly shipments in the winter months. ) Tj ET Q q 0 0 0 rg BT 280.59 389.60 Td (V) Tj ET Q q 0 0 0 rg BT 287.21 389.60 Td (irco's substantial warehouse space allows the Company to build and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 377.60 Td (ship adequate inventories to service this narrow delivery window for the education market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.60 Td (The market and operating environment for school furniture, fixtures, and equipment has been challenging during the last ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.60 Td (decade and is likely to continue to be so for at least the near future. Schools suf) Tj ET Q q 0 0 0 rg BT 369.17 344.60 Td (fered significant budgetary pressures from 2001 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.60 Td (to 2005 following the dot com bust and post 9/1) Tj ET Q q 0 0 0 rg BT 254.88 332.60 Td (1 era, and more recently in 2009 through 2013 as a result of the recession ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.60 Td (and severe budget shortages incurred by state and local governments. ) Tj ET Q q 0 0 0 rg BT 331.95 320.60 Td (The years 2009 through 2013 were particularly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.60 Td (challenging for the Company and the educational furniture industry in general and conditions are likely to remain challenging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.60 Td (for the near term. ) Tj ET Q q 0 0 0 rg BT 121.73 296.60 Td (The budgetary pressures directly impact the demand for the Company's products, as the demand for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.60 Td (educational furniture lar) Tj ET Q q 0 0 0 rg BT 146.44 284.60 Td (gely depends upon: \(1\)available funding in a school's general operating fund and \(2\)the completion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.60 Td (bond-funded projects, which is directly impacted by the amount of bond financing issued to fund new school construction, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.60 Td (renovate older schools, and to fully equip new and renovated schools.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.60 Td (In response to the 2008 recession, passage of new bond issuances declined, and bond funded project completions have trended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.60 Td (down each year) Tj ET Q q 0 0 0 rg BT 112.19 227.60 Td (. Completions of new schools, additions and renovations are not anticipated to improve in 2015 and are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.60 Td (expected to remain well below the pre- 2008 levels. School operating budgets have also experienced significant strain. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.60 Td (Approximately 80-85% of a school's operating budget is for the salaries and benefits for school teachers and administrators. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.60 Td (Increasing costs for medical insurance, combined with pressures from unfunded post-retirement medical and pension ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.60 Td (obligations reduces funds available for other purposes. In response to these budgetary pressures schools typically elect to retain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.60 Td (teachers and spend less on repairs, maintenance, and replacement furniture, which in turn reduces the demand for) Tj ET Q q 0 0 0 rg BT 503.03 167.60 Td (, and sales of, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.60 Td (the Company's products.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.60 Td (In addition, the furniture industry in general, including the market for school furniture, has been significantly impacted by low ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.60 Td (cost competition from China. Commodity prices for raw material have been relatively stable for the last three years, but in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.60 Td (2014 the Company has experienced challenges with both capacity and cost for third party freight carriers. ) Tj ET Q q 0 0 0 rg BT 476.89 110.60 Td (The majority of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.60 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 98.60 Td (irco) Tj ET Q q 0 0 0 rg BT 74.95 98.60 Td (s sales include freight to the customer facility) Tj ET Q q 0 0 0 rg BT 256.19 98.60 Td (, and volatility in cost or availability of transportation equipment can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.60 Td (adversely impact both profitability and customer service. Because a majority of the Company's sales are generated under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.60 Td (annual contracts in which the Company has limited ability to raise the price of its products during the term of the contract, if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 62.60 Td (the costs of the Company's raw materials increase suddenly or unexpectedly) Tj ET Q q 0 0 0 rg BT 353.84 62.60 Td (, the Company cannot be certain that it will be able ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 50.60 Td (to implement corresponding increases in its sales prices in order to of) Tj ET Q q 0 0 0 rg BT 327.25 50.60 Td (fset such increased costs. Significant cost increases in ) Tj ET Q endstream endobj 53 0 obj <> endobj 54 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (providing products during a given contract period can adversely impact operating results and have done so during prior years. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (The Company typically benefits from any decreases in raw material costs under the contracts described above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.10 Td (During a period of robust education spending during the 1990's, the Company expanded and modernized its manufacturing and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (distribution facilities at the ) Tj ET Q q 0 0 0 rg BT 159.79 697.10 Td (T) Tj ET Q q 0 0 0 rg BT 165.21 697.10 Td (orrance, CA) Tj ET Q q 0 0 0 rg BT 213.52 697.10 Td ( and Conway) Tj ET Q q 0 0 0 rg BT 265.64 697.10 Td (, ) Tj ET Q q 0 0 0 rg BT 270.09 697.10 Td (AR locations. During the last decade, the Company has worked ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (continuously to significantly reduce its cost structure while concurrently expanding its product of) Tj ET Q q 0 0 0 rg BT 439.17 685.10 Td (fering, expanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (manufacturing process capabilities and more fully automating its facilities. For example, headcount of permanent employees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (as of January31, 2015, was approximately 685 compared to a peak of nearly 2,950 in ) Tj ET Q q 0 0 0 rg BT 394.63 661.10 Td (August2000. Factory overhead in 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (declined by more than 55% compared to 2000. ) Tj ET Q q 0 0 0 rg BT 241.99 649.10 Td (The Company accomplished this without closing a factory and while ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (continuing to add new production processes, including flat metal forming, and other capabilities to support its ambitious ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (product development program.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (In ef) Tj ET Q q 0 0 0 rg BT 68.42 604.10 Td (forts to bring the Company's cost structure in line with decreased revenues, the Company has previously utilized voluntary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (early retirement programs, reductions in force, and attrition to reduce its permanent cost structure and relied more heavily on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (temporary labor to meet the seasonal summer demand. In 2014, the Company realized an increase in sales volume, yet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (continued to allow normal attrition to reduce its permanent workforce. ) Tj ET Q q 0 0 0 rg BT 336.40 568.10 Td (The Company plans to maintain stringent limits on full ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (time staf) Tj ET Q q 0 0 0 rg BT 84.53 556.10 Td (fing, supplemented with temporary labor as necessary in order to produce, warehouse and deliver furniture during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (coming summer) Tj ET Q q 0 0 0 rg BT 114.16 544.10 Td (. Because the Company has not closed any manufacturing or distribution facilities that are utilized in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (operations, any increase in demand for our products can be met without any material investment in physical infrastructure.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (While the Company anticipates challenging economic conditions to continue to impact its core customer base in the near term, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (there are certain underlying demographics, customer responses, and changes in the competitive landscape that provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (opportunities. First, the underlying demographics of the student population are stable compared to the volatility of school ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (budgets, and the related level of furniture and equipment purchases. ) Tj ET Q q 0 0 0 rg BT 326.11 475.10 Td (This volatility is attributable to the financial health of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (school systems. ) Tj ET Q q 0 0 0 rg BT 117.60 463.10 Td (V) Tj ET Q q 0 0 0 rg BT 124.22 463.10 Td (irco management believes that there is a pent-up demand for quality school furniture \(though it is unclear ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (when and to what extent that pent-up demand will be converted into a meaningful increase in purchases\). Second, management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (believes that parents and voters will make quality education an ongoing priority for future government spending. ) Tj ET Q q 0 0 0 rg BT 505.81 439.10 Td (Third, many ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (schools have responded to the budget strains by reducing their support infrastructure. School districts historically have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (operated central warehouses and professional purchasing departments in a central business of) Tj ET Q q 0 0 0 rg BT 423.30 415.10 Td (fice. In order to retain teaching ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (staf) Tj ET Q q 0 0 0 rg BT 64.26 403.10 Td (f, many school districts have shut down the warehouses and reduced their purchasing departments and janitorial staf) Tj ET Q q 0 0 0 rg BT 528.67 403.10 Td (fs. ) Tj ET Q q 0 0 0 rg BT 543.21 403.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (change provides opportunities to provide services to schools, such as project management for new or renovated schools, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (delivery to individual school sites rather than truckload deliveries to central warehouses, and delivery of furniture into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (classrooms. Moreover) Tj ET Q q 0 0 0 rg BT 140.97 367.10 Td (, this change of) Tj ET Q q 0 0 0 rg BT 201.88 367.10 Td (fers opportunities for ) Tj ET Q q 0 0 0 rg BT 288.62 367.10 Td (V) Tj ET Q q 0 0 0 rg BT 295.24 367.10 Td (irco to promote its complete product assortment which allows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (one-stop shopping as opposed to sourcing furniture needs from a variety of suppliers. Fourth, many suppliers previously shut ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (down or dramatically curtailed their domestic manufacturing capabilities, making it dif) Tj ET Q q 0 0 0 rg BT 397.76 343.10 Td (ficult for competitors to adapt to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.10 Td (dynamic fluctuations in demand or provide custom colors or finishes during a narrow seasonal summer delivery window when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (they are reliant upon a supply chain extending to ) Tj ET Q q 0 0 0 rg BT 246.89 319.10 Td (Asia or elsewhere. Meanwhile, ) Tj ET Q q 0 0 0 rg BT 375.83 319.10 Td (V) Tj ET Q q 0 0 0 rg BT 382.45 319.10 Td (irco has continued to and invest in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (automation at its domestic manufacturing facilities, recently adding flat metal forming processes to its manufacturing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (capabilities and bringing production into its factories of items formerly sourced from other suppliers. ) Tj ET Q q 0 0 0 rg BT 458.61 295.10 Td (V) Tj ET Q q 0 0 0 rg BT 465.23 295.10 Td (irco views its domestic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.10 Td (factories as a strategic resource for providing its customers with timely delivery of a broad selection of colors, finishes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.10 Td (laminates, and product styles.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (During 2015 the Company anticipates continued uncertainty and volatility in commodity costs, particularly with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (certain raw materials, transportation, and ener) Tj ET Q q 0 0 0 rg BT 233.35 238.10 Td (gy) Tj ET Q q 0 0 0 rg BT 242.70 238.10 Td (. ) Tj ET Q q 0 0 0 rg BT 250.02 238.10 Td (The Company does not anticipate that this volatility overall will be as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (dramatic as experienced in some prior years but may have an adverse ef) Tj ET Q q 0 0 0 rg BT 337.47 226.10 Td (fect on operating results. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 200.60 Td (Critical ) Tj ET Q q 0 0 0 rg BT 84.71 200.60 Td (Accounting Policies and Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.60 Td (This discussion and analysis of ) Tj ET Q q 0 0 0 rg BT 176.75 179.60 Td (V) Tj ET Q q 0 0 0 rg BT 183.37 179.60 Td (irco's financial condition and results of operations is based upon the Company's financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.60 Td (statements which have been prepared in accordance with U.S. generally accepted accounting principles. ) Tj ET Q q 0 0 0 rg BT 470.48 167.60 Td (The preparation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.60 Td (these financial statements requires ) Tj ET Q q 0 0 0 rg BT 189.77 155.60 Td (V) Tj ET Q q 0 0 0 rg BT 196.39 155.60 Td (irco management to make estimates and judgments that af) Tj ET Q q 0 0 0 rg BT 428.35 155.60 Td (fect the Company's reported ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.60 Td (assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.60 Td (management evaluates such estimates, including those related to revenue recognition, allowance for doubtful accounts, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.60 Td (valuation of inventory and related obsolescence reserves, self-insured retention for products and general liability insurance, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.60 Td (self-insured retention for workers' compensation insurance, provision for warranty) Tj ET Q q 0 0 0 rg BT 379.11 107.60 Td (, liabilities under defined benefit and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.60 Td (compensation programs, and estimates related to deferred tax assets and liabilities. Management bases its estimates on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.60 Td (historical experience and on various other assumptions that are believed to be reasonable under the circumstances. ) Tj ET Q q 0 0 0 rg BT 511.88 83.60 Td (This forms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.60 Td (the basis of judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. ) Tj ET Q q 0 0 0 rg BT 531.52 71.60 Td (Actual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.60 Td (results may dif) Tj ET Q q 0 0 0 rg BT 109.25 59.60 Td (fer from these estimates under dif) Tj ET Q q 0 0 0 rg BT 243.75 59.60 Td (ferent assumptions or conditions. Factors that could cause or contribute to ) Tj ET Q endstream endobj 55 0 obj <> endobj 56 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (these dif) Tj ET Q q 0 0 0 rg BT 83.97 742.10 Td (ferences include the factors discussed above under Item1, Business, and elsewhere in this ) Tj ET Q q 0 0 0 rg BT 446.09 742.10 Td (Annual Report on Form 10-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (K. ) Tj ET Q q 0 0 0 rg BT 62.04 730.10 Td (V) Tj ET Q q 0 0 0 rg BT 68.66 730.10 Td (irco's critical accounting policies are as follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.10 Td (Revenue Recognition: ) Tj ET Q q 0 0 0 rg BT 141.46 709.10 Td (The Company recognizes revenue in accordance with Financial ) Tj ET Q q 0 0 0 rg BT 397.48 709.10 Td (Accounting Standards Board \(F) Tj ET Q q 0 0 0 rg BT 528.10 709.10 Td (ASB\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (Accounting Standards Codification \(ASC\) ) Tj ET Q q 0 0 0 rg BT 230.89 697.10 Td (T) Tj ET Q q 0 0 0 rg BT 236.30 697.10 Td (opic 605, Revenue Recognition. Revenue is recognized when title passes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (under its various shipping terms, when installation services are complete, and when collectability is reasonably assured. ) Tj ET Q q 0 0 0 rg BT 533.58 685.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (Company reports sales net of sales returns and allowances, sales taxes imposed by various government authorities, cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (discounts and rebates to customers. In most instances, the Company sells furniture on bids and contracts, which may include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (multiple elements. For sales that include freight to the customer) Tj ET Q q 0 0 0 rg BT 307.04 649.10 Td (, many sales are delivered on the same day shipped, with an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (average delivery being in route for 1 to 3 days. Classroom delivery) Tj ET Q q 0 0 0 rg BT 319.55 637.10 Td (, which involves carrying the furniture to the classroom and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (setting the desks and chairs in place, typically occurs the day the furniture is delivered.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (In accordance with ) Tj ET Q q 0 0 0 rg BT 128.02 604.10 Td (ASC 605-25 \(ASC 605-25\), Revenue Recognition - Multiple-Element ) Tj ET Q q 0 0 0 rg BT 423.80 604.10 Td (Arrangements, revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (arrangements with multiple deliverables are generally accounted for by the Company on a combined unit of accounting as our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (customers control our ability to deliver the furniture, and as a result the furniture delivery and classroom setup is generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (provided at the same time. ) Tj ET Q q 0 0 0 rg BT 160.62 568.10 Td (W) Tj ET Q q 0 0 0 rg BT 169.26 568.10 Td (e recognize the consideration for the combined unit of accounting once the final item has been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (delivered and installed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (Allowances for Doubtful ) Tj ET Q q 0 0 0 rg BT 151.92 535.10 Td (Accounts: Considerable judgment is required when assessing the ultimate realization of receivables, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (including assessing the probability of collection, current economic trends, historical bad debts and the current creditworthiness ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (of each customer) Tj ET Q q 0 0 0 rg BT 117.75 511.10 Td (. ) Tj ET Q q 0 0 0 rg BT 125.07 511.10 Td (The Company maintains allowances for doubtful accounts that may result from the inability of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (customers to make required payments. Over the past five years, the Company's allowance for doubtful accounts has ranged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (from approximately 0.7% to 3.0% of accounts receivable at year) Tj ET Q q 0 0 0 rg BT 307.75 487.10 Td (-end. ) Tj ET Q q 0 0 0 rg BT 332.84 487.10 Td (The allowance is evaluated using historic experience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (combined with a detailed review of past-due accounts. ) Tj ET Q q 0 0 0 rg BT 272.52 475.10 Td (The Company does not typically obtain collateral to secure credit risk. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (The primary reason that ) Tj ET Q q 0 0 0 rg BT 148.12 463.10 Td (V) Tj ET Q q 0 0 0 rg BT 154.74 463.10 Td (irco's allowance for doubtful accounts represents such a small percentage of accounts receivable is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (that a lar) Tj ET Q q 0 0 0 rg BT 84.80 451.10 Td (ge portion of the accounts receivable is attributable to low-credit-risk governmental entities, which often purchase the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (furniture with funds provided from bond issuances, giving ) Tj ET Q q 0 0 0 rg BT 285.62 439.10 Td (V) Tj ET Q q 0 0 0 rg BT 292.24 439.10 Td (irco's receivables a historically high degree of collectability) Tj ET Q q 0 0 0 rg BT 529.68 439.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (Although many states are experiencing budgetary dif) Tj ET Q q 0 0 0 rg BT 261.97 427.10 Td (ficulties, it is not anticipated that ) Tj ET Q q 0 0 0 rg BT 395.37 427.10 Td (V) Tj ET Q q 0 0 0 rg BT 401.99 427.10 Td (irco's credit risk will be significantly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (impacted by these events. Over the next year) Tj ET Q q 0 0 0 rg BT 231.47 415.10 Td (, no significant change is expected in the Company's sales to government entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (as a percentage of total revenues.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 91.20 382.10 Td (V) Tj ET Q q 0 0 0 rg BT 97.31 382.10 Td (aluation: Inventory is valued at the lower of cost or market \(determined on a first-in, first-out basis\) and includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (material, labor) Tj ET Q q 0 0 0 rg BT 107.91 370.10 Td (, and factory overhead. ) Tj ET Q q 0 0 0 rg BT 204.62 370.10 Td (The Company maintains allowances for estimated slow moving and obsolete inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (to reflect the dif) Tj ET Q q 0 0 0 rg BT 113.96 358.10 Td (ference between the cost of inventory and the estimated market value. ) Tj ET Q q 0 0 0 rg BT 398.01 358.10 Td (Allowances for slow moving and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (obsolete inventory are determined through a physical inspection of the product in connection with a physical inventory) Tj ET Q q 0 0 0 rg BT 524.78 346.10 Td (, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (review of slow-moving product, and consideration of active marketing programs. ) Tj ET Q q 0 0 0 rg BT 380.00 334.10 Td (The market for education furniture is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (traditionally driven by value, not style, and the Company has not typically incurred significant obsolescence expenses. If ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (market conditions are less favorable than those anticipated by management, additional allowances may be required. Due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (reductions in sales volume in the past years, the Company's manufacturing facilities are operating at reduced levels of capacity) Tj ET Q q 0 0 0 rg BT 556.25 298.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (The Company records the cost of excess capacity as a period expense, not as a component of capitalized inventory valuation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 265.10 Td (Self-Insured Retention: For 2012, 2013, and 2014 the Company was self-insured for product liability losses ranging up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.10 Td ($250,000 per occurrence, for workers' compensation losses up to $250,000 per occurrence, and for auto liability up to $50,000 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.10 Td (per occurrence. ) Tj ET Q q 0 0 0 rg BT 116.44 241.10 Td (The Company obtains annual actuarial valuations for the self-insured retentions. Product liability) Tj ET Q q 0 0 0 rg BT 506.52 241.10 Td (, workers' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.10 Td (compensation, and auto reserves for known and unknown incurred but not reported \(IBNR\) losses are recorded at the net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.10 Td (present value of the estimated losses using a risk-free discount rate of 0.5% for 2014, 2013, and 2012. Given the relatively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.10 Td (short term over which the IBNR losses are discounted, the sensitivity to the discount rate is not significant. Estimated workers' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.10 Td (compensation losses were funded during the insurance year and subject to retroactive loss adjustments. ) Tj ET Q q 0 0 0 rg BT 466.92 193.10 Td (The Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.10 Td (exposure to self-insured retentions varies depending upon the market conditions in the insurance industry and the availability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (cost-ef) Tj ET Q q 0 0 0 rg BT 77.03 169.10 Td (fective insurance coverage. Self-insured retentions for 2015 will be comparable to the retention levels for 2014.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 148.10 Td (arranty Reserve: ) Tj ET Q q 0 0 0 rg BT 126.76 148.10 Td (The Company provides a warranty against all substantial defects in material and workmanship. ) Tj ET Q q 0 0 0 rg BT 509.25 148.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (Company's warranty is not a guarantee of service life, which depends upon events outside the Company's control and may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 124.10 Td (ferent from the warranty period. ) Tj ET Q q 0 0 0 rg BT 194.30 124.10 Td (The standard warranty of) Tj ET Q q 0 0 0 rg BT 294.91 124.10 Td (fered on products sold through January31, 2005, is five years. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.26 112.10 Td (fective February1, 2005, the standard warranty was increased to 10years on products sold from February1, 2005 through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (January 31, 2014. Ef) Tj ET Q q 0 0 0 rg BT 135.36 100.10 Td (fective February 1, 2014 the Company modified its warranty to a limited lifetime warranty) Tj ET Q q 0 0 0 rg BT 497.38 100.10 Td (. ) Tj ET Q q 0 0 0 rg BT 504.70 100.10 Td (The new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (warranty ef) Tj ET Q q 0 0 0 rg BT 95.63 88.10 Td (fective February 1, 2014 is not anticipated to have a significant ef) Tj ET Q q 0 0 0 rg BT 358.13 88.10 Td (fect on warranty expense. ) Tj ET Q q 0 0 0 rg BT 465.68 88.10 Td (The Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (warranties generally provide that customers can return a defective product during the specified warranty period following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (purchase in exchange for a replacement product or that the Company can repair the product at no char) Tj ET Q q 0 0 0 rg BT 457.70 64.10 Td (ge to the customer) Tj ET Q q 0 0 0 rg BT 530.74 64.10 Td (. ) Tj ET Q q 0 0 0 rg BT 538.06 64.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 52.10 Td (Company determines whether replacement or repair is appropriate in each circumstance. ) Tj ET Q q 0 0 0 rg BT 408.83 52.10 Td (The Company uses historic data to ) Tj ET Q endstream endobj 57 0 obj <> endobj 58 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (estimate appropriate levels of warranty reserves. Because product mix, production methods, and raw material sources change ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (over time, historic data may not always provide precise estimates for future warranty expense.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.10 Td (Defined Benefit Obligations: ) Tj ET Q q 0 0 0 rg BT 168.40 709.10 Td (The Company has three defined benefit plans, the ) Tj ET Q q 0 0 0 rg BT 369.55 709.10 Td (V) Tj ET Q q 0 0 0 rg BT 376.17 709.10 Td (irco Employees Retirement Plan \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (Employee Plan\), the ) Tj ET Q q 0 0 0 rg BT 142.56 697.10 Td (V) Tj ET Q q 0 0 0 rg BT 149.18 697.10 Td (irco Important Performers Plan \(the VIP) Tj ET Q q 0 0 0 rg BT 314.60 697.10 Td ( Plan\) and the Non-Employee Directors Retirement Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (\(the Directors Plan\), which provide retirement benefits to employees and outside directors. ) Tj ET Q q 0 0 0 rg BT 424.14 685.10 Td (V) Tj ET Q q 0 0 0 rg BT 430.76 685.10 Td (irco discounted the pension ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (obligations for the various plans using the following rates:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 662.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 637.80 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 637.80 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 637.80 8.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 637.80 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 637.80 8.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 637.80 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 609.80 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 609.80 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 609.80 8.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 609.80 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 609.80 8.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 609.80 57.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 637.8 m 414.5 637.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 637.8 m 482.5 637.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 637.8 m 547.5 637.8 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 642.37 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.50 642.03 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.00 642.03 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.50 642.03 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 628.37 Td (Employee Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.55 628.37 Td (3.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.05 628.37 Td (4.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.55 628.37 Td (4.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 614.37 Td (VIP Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.55 614.37 Td (3.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.05 614.37 Td (4.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.55 614.37 Td (4.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 600.37 Td (Directors Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.55 600.37 Td (3.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.05 600.37 Td (4.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.55 600.37 Td (4.00%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.30 Td (Because the Company froze new benefit accruals for all three plans ef) Tj ET Q q 0 0 0 rg BT 329.97 575.30 Td (fective December 31, 2003, the assumed rate of increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.30 Td (in compensation has no ef) Tj ET Q q 0 0 0 rg BT 154.24 563.30 Td (fect on the accounting for the plans. ) Tj ET Q q 0 0 0 rg BT 302.62 563.30 Td (The Company estimated a 6.5% return on plan assets for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.30 Td (Employee Plan for all three years. ) Tj ET Q q 0 0 0 rg BT 190.88 551.30 Td (The ) Tj ET Q q 0 0 0 rg BT 208.75 551.30 Td (VIP) Tj ET Q q 0 0 0 rg BT 224.49 551.30 Td ( Plan and Directors Plan are unfunded and have no plan assets. ) Tj ET Q q 0 0 0 rg BT 480.35 551.30 Td (These rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.30 Td (assumptions can vary due to changes in interest rates, the employment market, and expected returns in the stock market. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.30 Td (prior years, the discount rate and the anticipated rate of return on plan assets have decreased by several percentage points, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.30 Td (causing pension expense and pension obligations to increase. In 2014, the Company incurred material reductions in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.30 Td (discount rates that are used to measure plan obligations, and utilized new mortality tables that reflect increased life ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.30 Td (expectancies. ) Tj ET Q q 0 0 0 rg BT 108.40 491.30 Td (These changes will cause an increase in pension expense and may require future cash contributions to adequately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.30 Td (fund the Employee Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.30 Td (In the third quarter of 201) Tj ET Q q 0 0 0 rg BT 153.21 458.30 Td (1 the Company of) Tj ET Q q 0 0 0 rg BT 224.96 458.30 Td (fered an early retirement program to employees who voluntarily terminated their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.30 Td (employment with the Company) Tj ET Q q 0 0 0 rg BT 175.72 446.30 Td (. ) Tj ET Q q 0 0 0 rg BT 183.04 446.30 Td (The incentive of) Tj ET Q q 0 0 0 rg BT 248.39 446.30 Td (fered was a cash incentive and did not include additional retirement benefits, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.30 Td (but was heavily directed toward employees with significant years of service. ) Tj ET Q q 0 0 0 rg BT 360.18 434.30 Td (Approximately 150 employees accepted this of) Tj ET Q q 0 0 0 rg BT 548.55 434.30 Td (fer) Tj ET Q q 0 0 0 rg BT 559.10 434.30 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.30 Td (Due to the volume of lump sum payments processed during the 201) Tj ET Q q 0 0 0 rg BT 320.42 422.30 Td (1 and 2012, the Company incurred a pension settlement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.30 Td (costs for the Employee Plan. In May of 2013, the Company implemented a reduction in force. In the third and fourth quarters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.30 Td (of 2013, as a result of cumulative retirement benefits paid during the year) Tj ET Q q 0 0 0 rg BT 343.67 398.30 Td (, the Company incurred additional pension settlement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.30 Td (costs for the Employee Plan. ) Tj ET Q q 0 0 0 rg BT 169.52 386.30 Td (The Company did not incur settlement costs in 2014.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.30 Td (Because the discount rates used in 2014 were low) Tj ET Q q 0 0 0 rg BT 248.18 362.30 Td (, a one percent change in rates can cause a material change in the pension ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.30 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 101.39 350.30 Td (A) Tj ET Q q 0 0 0 rg BT 108.06 350.30 Td ( one percent reduction in discount rates would cause obligations under the Employee Plan to increase by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.30 Td (approximately $6.4 million. ) Tj ET Q q 0 0 0 rg BT 166.10 338.30 Td (A) Tj ET Q q 0 0 0 rg BT 172.77 338.30 Td ( one percent reduction in discount rates would cause obligations under the non-qualified plans to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.30 Td (increase by approximately $1.8 million. ) Tj ET Q q 0 0 0 rg BT 211.72 326.30 Td (The retirement obligations would decrease by similar amounts if discount rate were to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.30 Td (increase by a comparable percentage. ) Tj ET Q q 0 0 0 rg BT 204.45 314.30 Td (The Company obtains annual actuarial valuations for all three plans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.30 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 87.85 293.30 Td (T) Tj ET Q q 0 0 0 rg BT 93.26 293.30 Td (ax ) Tj ET Q q 0 0 0 rg BT 104.64 293.30 Td (Assets and Liabilities: ) Tj ET Q q 0 0 0 rg BT 195.84 293.30 Td (The Company recognizes deferred income taxes under the asset and liability method of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 281.30 Td (accounting for income taxes in accordance with the provisions of F) Tj ET Q q 0 0 0 rg BT 318.07 281.30 Td (ASB ) Tj ET Q q 0 0 0 rg BT 339.47 281.30 Td (ASC ) Tj ET Q q 0 0 0 rg BT 361.24 281.30 Td (T) Tj ET Q q 0 0 0 rg BT 366.65 281.30 Td (opic 740 Income ) Tj ET Q q 0 0 0 rg BT 440.61 281.30 Td (T) Tj ET Q q 0 0 0 rg BT 446.02 281.30 Td (axes. Deferred income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.30 Td (taxes are recognized for dif) Tj ET Q q 0 0 0 rg BT 159.20 269.30 Td (ferences between the financial statement and tax basis of assets and liabilities at enacted statutory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.30 Td (tax rates in ef) Tj ET Q q 0 0 0 rg BT 103.96 257.30 Td (fect for the years in which the dif) Tj ET Q q 0 0 0 rg BT 236.78 257.30 Td (ferences are expected to reverse. ) Tj ET Q q 0 0 0 rg BT 371.79 257.30 Td (The ef) Tj ET Q q 0 0 0 rg BT 397.43 257.30 Td (fect on deferred taxes of a change in tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.30 Td (rates is recognized in income in the period that includes the enactment date. In assessing the realizability of deferred tax assets, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.30 Td (the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.30 Td (The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income or reversal of deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.30 Td (tax liabilities during the periods in which those temporary dif) Tj ET Q q 0 0 0 rg BT 295.04 209.30 Td (ferences become deductible. ) Tj ET Q q 0 0 0 rg BT 413.41 209.30 Td (The Company considers the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.30 Td (scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 185.30 Td (assessment. ) Tj ET Q q 0 0 0 rg BT 101.76 185.30 Td (The Company incurred a substantial operating loss for the years ended January31, 2013, 2012, and 201) Tj ET Q q 0 0 0 rg BT 516.56 185.30 Td (1. During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.30 Td (the fourth quarter of the year ended January31, 201) Tj ET Q q 0 0 0 rg BT 257.33 173.30 Td (1, based on this consideration, the Company determined the realization of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.30 Td (majority of the net deferred tax assets no longer met the more likely than not criteria and a valuation allowance was recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.30 Td (against the majority of the net deferred tax assets. ) Tj ET Q q 0 0 0 rg BT 250.86 149.30 Td (V) Tj ET Q q 0 0 0 rg BT 256.97 149.30 Td (aluation allowances totaled $26,399,000 and $24,210,000 at January31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.30 Td (2015 and 2014, respectively) Tj ET Q q 0 0 0 rg BT 162.10 137.30 Td (. ) Tj ET Q q 0 0 0 rg BT 166.55 137.30 Td (At January31, 2015, the Company has net operating loss carryforwards for federal and state ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.30 Td (income tax purposes, expiring at various dates through 2035. Federal net operating losses that can potentially be carried ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.30 Td (forward totaled approximately $26,340,000 at January31, 2015. State net operating losses that can potentially be carried ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.30 Td (forward totaled approximately $54,332,000 at January31, 2015.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 80.30 Td (Results of Operations \(2014 vs. 2013\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 59.30 Td (Financial Results and Cash Flow) Tj ET Q endstream endobj 59 0 obj <> endobj 60 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (The Company earned a pre-tax profit of $918,000 on net sales of $164,052,000 for the fiscal year ended January 31, 2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (compared to pre-tax loss of $2,733,000 on net sales of $155,042,000 in the fiscal year ended January 31, 2014. Net earnings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (per share were $0.06 for the fiscal year ended January31, 2015, compared to net loss per share of $0.12 in the prior year) Tj ET Q q 0 0 0 rg BT 531.78 718.10 Td (. Cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (flow provided by operations was $1,659,000 for the fiscal year ended January31, 2015, compared to cash flow used in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (operations of $243,000 in the prior year) Tj ET Q q 0 0 0 rg BT 208.57 694.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 668.60 Td (Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.60 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 647.60 Td (irco's sales increased by 5.8% in 2014 to $164,052,000 compared to $155,042,000 in 2013. ) Tj ET Q q 0 0 0 rg BT 426.24 647.60 Td (The increase in sales was caused ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.60 Td (by improving economic conditions that had a favorable impact on operating budgets for school spending of) Tj ET Q q 0 0 0 rg BT 479.44 635.60 Td (fset slightly by a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.60 Td (reduction in completions of bond-funded projects.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 602.60 Td (V) Tj ET Q q 0 0 0 rg BT 55.93 602.60 Td (olume increased by approximately $9 million, with no significant changes in price. Sales of ) Tj ET Q q 0 0 0 rg BT 427.05 602.60 Td (V) Tj ET Q q 0 0 0 rg BT 433.67 602.60 Td (irco's new products, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 590.60 Td (Analogy, Zuma, Civitas and Sage increased by nearly $3.9 million, and were supplemented with increases of $5.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.60 Td (million in other product lines. Sales for project orders declined by approximately $2.7 million in 2014 compared to project ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 566.60 Td (orders in 2013 as a result of reduced bond-funded projects. Orders rates continued to be volatile and seasonal in 2014, with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.60 Td (shift to a greater percentage of orders received in the summer months. Historically) Tj ET Q q 0 0 0 rg BT 381.46 554.60 Td (, June has been our lar) Tj ET Q q 0 0 0 rg BT 470.69 554.60 Td (gest month for orders. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.60 Td (In 2014, for the first time July orders exceeded June orders. ) Tj ET Q q 0 0 0 rg BT 293.08 542.60 Td (The delay in receipt of orders combined with many school districts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.60 Td (accelerating back to school dates exacerbated our traditional seasonal cycle. Increased fourth quarter shipments contributed to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.60 Td ($1.7 million decrease in backlog at January 31, 2015 compared to January 31, 2014.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 497.60 Td (Although the fourth quarter is typically a very slow period for the Company) Tj ET Q q 0 0 0 rg BT 353.17 497.60 Td (, the fourth quarter revenue increased to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 485.60 Td ($25,354,000, compared to 19,480,000 in the prior year) Tj ET Q q 0 0 0 rg BT 268.29 485.60 Td (. ) Tj ET Q q 0 0 0 rg BT 273.11 485.60 Td (The increase in revenue was attributable to timing of shipments. ) Tj ET Q q 0 0 0 rg BT 532.02 485.60 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 473.60 Td (company began the fourth quarter with $3 million higher backlog than the prior year and ended the fourth quarter with $1.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 461.60 Td (million lower backlog. Orders for the fourth quarter were slightly higher than the prior year) Tj ET Q q 0 0 0 rg BT 415.17 461.60 Td (. ) Tj ET Q q 0 0 0 rg BT 422.49 461.60 Td (The increase in fourth quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.60 Td (revenue contributed to increased gross mar) Tj ET Q q 0 0 0 rg BT 221.70 449.60 Td (gin and operating income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 428.60 Td (For 2015 the Company anticipates that the persistent budgetary challenges for state and local governments will continue to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 416.60 Td (restrict growth in sales. For many states, inflation adjusted revenues are still below the peak of 2008. ) Tj ET Q q 0 0 0 rg BT 460.27 416.60 Td (When combined with no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.60 Td (anticipated growth in bond-funded projects the amount of school furniture sold may be comparable to or perhaps slightly more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.60 Td (than 2014. ) Tj ET Q q 0 0 0 rg BT 96.67 392.60 Td (As we have throughout this economic cycle, the Company continues to focus on strategies to develop and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.60 Td (strengthen its brand with an aggressive product development campaign. ) Tj ET Q q 0 0 0 rg BT 341.68 380.60 Td (W) Tj ET Q q 0 0 0 rg BT 350.32 380.60 Td (e will continue to use our domestic factories to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.60 Td (provide greater flexibility for custom specifications such as laminates, colors, and on-time delivery) Tj ET Q q 0 0 0 rg BT 445.34 368.60 Td (. ) Tj ET Q q 0 0 0 rg BT 452.29 368.60 Td (As discussed above, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.60 Td (Company has significantly reduced its workforce in the past several years. Despite an increase in revenue in 2014, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.60 Td (Company allowed normal attrition to further reduce the workforce in 2014. ) Tj ET Q q 0 0 0 rg BT 355.56 344.60 Td (This significant reduction in force lar) Tj ET Q q 0 0 0 rg BT 504.50 344.60 Td (gely spared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.60 Td (our direct sales force. ) Tj ET Q q 0 0 0 rg BT 140.89 332.60 Td (The Company will continue to emphasize the value, design and variety of its products, the value of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.60 Td (distribution, delivery) Tj ET Q q 0 0 0 rg BT 133.23 320.60 Td (, installation, and project management capabilities, and the importance of timely deliveries during the peak ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.60 Td (seasonal delivery period. In order to increase or maintain market share during 2015, when market conditions warrant, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.60 Td (Company will compete based on direct prices and may reduce its prices to build or maintain its market share.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 271.10 Td (Cost of Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (Cost of sales was 66.2% of sales in 2014 and 66.1% of sales in 2013. ) Tj ET Q q 0 0 0 rg BT 330.80 250.10 Td (As a percentage of sales, there were no significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (changes in selling price or material costs during the year) Tj ET Q q 0 0 0 rg BT 275.21 238.10 Td (. ) Tj ET Q q 0 0 0 rg BT 282.52 238.10 Td (The Company incurred slightly higher direct labor costs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (substantially of) Tj ET Q q 0 0 0 rg BT 111.20 226.10 Td (fset by reduction in overhead spending.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.10 Td (The Company is beginning 2015 with approximately $1.1 million less inventory than in 2014. Due to the controlled levels of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.10 Td (inventory at January31, 2015, production levels and related factory overhead absorption, which vary depending upon selling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.10 Td (volumes, are anticipated in 2015 to be equal to or higher than 2014 levels. ) Tj ET Q q 0 0 0 rg BT 351.13 181.10 Td (The Company expects to acquire raw materials ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (build inventory earlier in the year) Tj ET Q q 0 0 0 rg BT 183.72 169.10 Td (, and hire temporary workers as necessary during 2015 to meet any seasonal production, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (warehousing or distribution requirements that cannot be filled by the current full-time workforce.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (During 2015 the Company anticipates continued uncertainty and volatility in commodity costs, particularly with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.10 Td (certain raw materials, transportation, and ener) Tj ET Q q 0 0 0 rg BT 233.35 124.10 Td (gy) Tj ET Q q 0 0 0 rg BT 242.70 124.10 Td (. Due in part to volatile transportation and ener) Tj ET Q q 0 0 0 rg BT 432.46 124.10 Td (gy costs, we may incur higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (commodity costs in 2015. For more information, please see the section below entitled Inflation and Future Change in Prices.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 86.60 Td (Selling, General and ) Tj ET Q q 0 0 0 rg BT 138.90 86.60 Td (Administrative and Other) Tj ET Q q 0 0 0 rg BT 249.83 86.60 Td ( Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.60 Td (Selling, general and administrative and other expenses for the fiscal year ended January31, 2015, decreased by approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 53.60 Td ($1 million compared to the prior year) Tj ET Q q 0 0 0 rg BT 199.56 53.60 Td (, and were 32.3% of sales as compared to 34.8% in the prior year) Tj ET Q q 0 0 0 rg BT 459.47 53.60 Td (.) Tj ET Q endstream endobj 61 0 obj <> endobj 62 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (The primary reason for this decrease in absolute dollars was $1.4 million of restructuring costs in 2013 related to a reduction in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (force as compared to $0.3 million in 2014. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 709.10 Td (arehousing, freight and classroom delivery costs were increased in dollars but declined by 0.3% as a percentage of sales. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (Selling costs were level with prior year and declined by 0.6% as a percentage of sales. G&A) Tj ET Q q 0 0 0 rg BT 421.27 697.10 Td ( spending decreased slightly) Tj ET Q q 0 0 0 rg BT 533.65 697.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (decreased slightly as a percentage of sales due to a decrease in litigation expenses. ) Tj ET Q q 0 0 0 rg BT 384.13 685.10 Td (The Company expended funds in 2013 to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (protect patents on certain products. ) Tj ET Q q 0 0 0 rg BT 192.55 673.10 Td (There was no comparable expense in the current year) Tj ET Q q 0 0 0 rg BT 405.23 673.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.10 Td (Interest expense was $152,000 more in 2014 compared to 2013 as a result of increased average borrowing.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 626.60 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.37 626.60 Td (ovision for) Tj ET Q q 0 0 0 rg BT 105.46 626.60 Td ( Income ) Tj ET Q q 0 0 0 rg BT 141.94 626.60 Td (T) Tj ET Q q 0 0 0 rg BT 147.70 626.60 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 605.60 Td (The Company recognizes deferred income taxes under the asset and liability method of accounting for income taxes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 593.60 Td (accordance with the provisions of ) Tj ET Q q 0 0 0 rg BT 186.90 593.60 Td (ASC ) Tj ET Q q 0 0 0 rg BT 208.68 593.60 Td (T) Tj ET Q q 0 0 0 rg BT 214.09 593.60 Td (opic 740, Income ) Tj ET Q q 0 0 0 rg BT 290.55 593.60 Td (T) Tj ET Q q 0 0 0 rg BT 295.96 593.60 Td (axes. Deferred income taxes are recognized for dif) Tj ET Q q 0 0 0 rg BT 502.33 593.60 Td (ferences ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 581.60 Td (between the financial statement and tax basis of assets and liabilities at enacted statutory tax rates in ef) Tj ET Q q 0 0 0 rg BT 460.51 581.60 Td (fect for the years in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 569.60 Td (which the dif) Tj ET Q q 0 0 0 rg BT 102.58 569.60 Td (ferences are expected to reverse. ) Tj ET Q q 0 0 0 rg BT 237.59 569.60 Td (The ef) Tj ET Q q 0 0 0 rg BT 263.23 569.60 Td (fect on deferred taxes of a change in tax rates is recognized in income in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.60 Td (the period that includes the enactment date. In assessing the realizability of deferred tax assets, the Company considers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 545.60 Td (whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. ) Tj ET Q q 0 0 0 rg BT 467.20 545.60 Td (The ultimate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 533.60 Td (realization of deferred tax assets is dependent upon the generation of future taxable income or reversal of deferred tax liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 521.60 Td (during the periods in which those temporary dif) Tj ET Q q 0 0 0 rg BT 240.61 521.60 Td (ferences become deductible. ) Tj ET Q q 0 0 0 rg BT 358.98 521.60 Td (The Company considers the scheduled reversal of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 509.60 Td (deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 488.60 Td (The Company has incurred a cumulative operating loss for the five years ended January 31, 2014 and for each individual year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 476.60 Td (therein. ) Tj ET Q q 0 0 0 rg BT 85.08 476.60 Td (While the Company has taken significant measures to cause its return to profitability 2014, the short-term outlook for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 464.60 Td (the school furniture market remains challenging. Based on these considerations, at January31, 2015 and January31, 2014, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 452.60 Td (Company determined the realization of a majority of the net deferred tax assets did not meet the more likely than not criteria, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 440.60 Td (and a valuation allowance was recorded against the majority of the net deferred tax assets. ) Tj ET Q q 0 0 0 rg BT 415.51 440.60 Td (The Company has determined that it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 428.60 Td (is more likely than not that some portion of the state net operating loss and credit carryforwards will be realized and has not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 416.60 Td (provided a valuation allowance on a portion of the state net operating loss and credit carryforwards. ) Tj ET Q q 0 0 0 rg BT 453.20 416.60 Td (At January31, 2015, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.60 Td (Company had net operating losses carried forward for federal and state income tax purposes, expiring at various dates through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.60 Td (2035 if not utilized. Federal net operating losses that can potentially be carried forward totaled approximately $26,340,000 at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.60 Td (January31, 2015. State net operating losses that can potentially be carried forward totaled approximately $54,332,000 at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.60 Td (January31, 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.60 Td (Because the Company has recorded a valuation allowance for the majority of deferred tax assets, the ef) Tj ET Q q 0 0 0 rg BT 462.15 344.60 Td (fective tax rate for 2015 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.60 Td (may be low) Tj ET Q q 0 0 0 rg BT 96.01 332.60 Td (, with income tax being primarily income and franchise taxes as required by various states.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 290.60 Td (Results of Operations \(2013 vs. 2012\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 269.60 Td (Financial Results and Cash Flow) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.60 Td (The Company incurred a pre-tax loss of $2,733,000 on net sales of $155,042,000 for the fiscal year ended January 31, 2014, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.60 Td (compared to pre-tax loss of $4,039,000 on net sales of $157,913,000 in the fiscal year ended January 31, 2013. Operating loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.60 Td (for 2013 was $1,431,000 compared to $2,483,000 in 2012. Net loss per share was $0.12 for the fiscal year ended January31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.60 Td (2014, compared to net loss per share of $0.27 in the prior year) Tj ET Q q 0 0 0 rg BT 298.27 212.60 Td (. Cash flow used in operations was $243,000 for the fiscal year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.60 Td (ended January31, 2014, compared to cash flow provided by operations of $7,260,000 in the prior year) Tj ET Q q 0 0 0 rg BT 459.90 200.60 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 175.10 Td (Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 154.10 Td (irco's sales decreased by 1.8% in 2013 to $155,042,000 compared to $157,913,000 in 2012. ) Tj ET Q q 0 0 0 rg BT 427.90 154.10 Td (The decrease in sales was caused ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (by continued unfavorable economic conditions that had an adverse impact on budgets for school spending and by a reduction in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (completions of bond-funded projects.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.10 Td (V) Tj ET Q q 0 0 0 rg BT 55.93 109.10 Td (olume declined by approximately $6 million, partially of) Tj ET Q q 0 0 0 rg BT 282.92 109.10 Td (fset by increases in price. Sales of ) Tj ET Q q 0 0 0 rg BT 423.53 109.10 Td (V) Tj ET Q q 0 0 0 rg BT 430.15 109.10 Td (irco's new products, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.10 Td (Zuma, Civitas and Sage increased by nearly $1.3 million in 2013 compared to 2012, but were of) Tj ET Q q 0 0 0 rg BT 462.20 97.10 Td (fset by reductions in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (older product lines. Sales for project orders declined by approximately $0.5 million in 2013 compared to project orders in 2012 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (as a result of reduced construction completions of bond-funded projects. Orders rates were more volatile and more intensely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (seasonal in the current year than in prior years, with a shift to a greater percentage of orders received in the summer months. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.10 Td (Orders in 2013 decreased 24% in the first quarter) Tj ET Q q 0 0 0 rg BT 246.75 49.10 Td (, increased 6% in the seasonally high second quarter) Tj ET Q q 0 0 0 rg BT 455.45 49.10 Td (, increased by 2% in the ) Tj ET Q endstream endobj 63 0 obj <> endobj 64 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (third quarter) Tj ET Q q 0 0 0 rg BT 99.30 742.10 Td (, and decreased by 15% in the fourth quarter) Tj ET Q q 0 0 0 rg BT 276.33 742.10 Td (, in each case as compared to the comparable period in 2012. Reduced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (fourth quarter orders contributed to a $3.8 million decrease in backlog at January 31, 2014 compared to January 31, 2013.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 704.60 Td (Cost of Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 683.60 Td (Cost of sales was 66.1% of sales in 2013 and 68% of sales in 2012. ) Tj ET Q q 0 0 0 rg BT 323.67 683.60 Td (This decrease was due to an increase in selling prices and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.60 Td (reduced factory spending. ) Tj ET Q q 0 0 0 rg BT 158.39 671.60 Td (The Company benefited from stable material costs during 2013. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 650.60 Td (As a percentage of sales, raw material costs were 0.3% lower than in 2012. ) Tj ET Q q 0 0 0 rg BT 354.71 650.60 Td (The Company increased selling prices at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 638.60 Td (beginning of the year in ef) Tj ET Q q 0 0 0 rg BT 155.62 638.60 Td (fort to improve gross mar) Tj ET Q q 0 0 0 rg BT 257.64 638.60 Td (gins. ) Tj ET Q q 0 0 0 rg BT 281.63 638.60 Td (The cost of raw materials was stable during the year) Tj ET Q q 0 0 0 rg BT 489.76 638.60 Td (, resulting in raw ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 626.60 Td (material costs declining as a percentage of sales. Direct labor costs as a percentage of sales were unchanged in 2013 compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 614.60 Td (to 2012. ) Tj ET Q q 0 0 0 rg BT 87.60 614.60 Td (The impact of increasing selling prices was of) Tj ET Q q 0 0 0 rg BT 271.52 614.60 Td (fset by a slight deterioration in ef) Tj ET Q q 0 0 0 rg BT 404.08 614.60 Td (ficiency due to the increased seasonal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 602.60 Td (peak of both orders and sales in 2013 compared to 2012. Manufacturing overhead as a percentage of sales decreased by 1.5% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 590.60 Td (in 2013 from 2012. ) Tj ET Q q 0 0 0 rg BT 132.04 590.60 Td (This decrease was primarily attributable to a small decrease in factory spending combined with a very ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.60 Td (slight \(<1%\) increase in production hours and the related impact on factory utilization.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (Selling, General and ) Tj ET Q q 0 0 0 rg BT 138.90 553.10 Td (Administrative and Other) Tj ET Q q 0 0 0 rg BT 249.83 553.10 Td ( Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (Selling, general and administrative and other expenses for the fiscal year ended January31, 2014, increased by approximately) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td ($0.9 million compared to the prior year) Tj ET Q q 0 0 0 rg BT 207.06 520.10 Td (, and were 34.8% of sales as compared to 33.6% in the prior year) Tj ET Q q 0 0 0 rg BT 466.97 520.10 Td (. ) Tj ET Q q 0 0 0 rg BT 474.29 520.10 Td (The primary reason ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (for this increase was $1.4 million of restructuring costs in 2013 related to a reduction in force as compared to $0.8 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (2012. Because the majority of the employees accepting the of) Tj ET Q q 0 0 0 rg BT 298.90 496.10 Td (fer were long-term employees with vested pension benefits, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (Company incurred nearly $1.0 million of pension settlement costs during the third and fourth quarters on 2013. ) Tj ET Q q 0 0 0 rg BT 499.73 484.10 Td (The reduction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (in employees was evenly distributed between direct labor and other overhead, sales support, and G&A) Tj ET Q q 0 0 0 rg BT 459.33 472.10 Td ( positions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 451.10 Td (arehousing, freight and classroom delivery costs were flat in dollars and increased by 0.1% as a percentage of sales. Selling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (costs declined due to a reduction in volume and decreased by 0.2% as a percentage of sales. G&A) Tj ET Q q 0 0 0 rg BT 443.75 439.10 Td ( spending decreased slightly) Tj ET Q q 0 0 0 rg BT 556.13 439.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (but increased slightly as a percentage of sales due to an increase in litigation expenses. ) Tj ET Q q 0 0 0 rg BT 401.09 427.10 Td (The Company expended funds in 2013 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (to protect patents on certain products. ) Tj ET Q q 0 0 0 rg BT 205.33 415.10 Td (There was no comparable expense in the prior year) Tj ET Q q 0 0 0 rg BT 409.13 415.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (Interest expense was $254,000 less in 2013 compared to 2012 as a result of decreased costs related to an asset based loan, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (decreased accretion expense for certain liabilities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 356.60 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.37 356.60 Td (ovision for) Tj ET Q q 0 0 0 rg BT 105.46 356.60 Td ( Income ) Tj ET Q q 0 0 0 rg BT 141.94 356.60 Td (T) Tj ET Q q 0 0 0 rg BT 147.70 356.60 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.60 Td (During 2013, 2012 and 201) Tj ET Q q 0 0 0 rg BT 159.90 335.60 Td (1 the Company incurred operating losses. ) Tj ET Q q 0 0 0 rg BT 330.79 335.60 Td (While the Company has taken significant measures to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.60 Td (return to profitability) Tj ET Q q 0 0 0 rg BT 133.77 323.60 Td (, the short-term outlook for the school furniture market is challenging. Based on these considerations, at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.60 Td (January31, 2014 and January31, 2013, the Company determined the realization of a majority of the net deferred tax assets did ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.60 Td (not meet the more likely than not criteria, and a valuation allowance was recorded against the majority of the net deferred tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.60 Td (assets. ) Tj ET Q q 0 0 0 rg BT 80.65 287.60 Td (The Company has determined that it is more likely than not that some portion of the state net operating loss and credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.60 Td (carryforwards will be realized and has not provided a valuation allowance on a portion of the state net operating loss and credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.60 Td (carryforwards. ) Tj ET Q q 0 0 0 rg BT 113.03 263.60 Td (At January31, 2014, the Company had net operating losses carried forward for federal and state income tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.60 Td (purposes, expiring at various dates through 2033 if not utilized. Federal net operating losses that can potentially be carried ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.60 Td (forward totaled approximately $24,546,000 at January31, 2014. State net operating losses that can potentially be carried ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.60 Td (forward totaled approximately $51,082,000 at January31, 2014.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.60 Td (The primary component of the income tax benefit for the current year related to the gain related to ) Tj ET Q q 0 0 0 rg BT 444.84 203.60 Td (AOCI, not operating loss. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.60 Td (Because the Company has recorded a valuation allowance for the majority of deferred tax assets, the ef) Tj ET Q q 0 0 0 rg BT 462.15 191.60 Td (fective tax rate for 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.60 Td (may be low) Tj ET Q q 0 0 0 rg BT 96.01 179.60 Td (, with income tax being primarily income and franchise taxes as required by various states.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (Inflation and Futur) Tj ET Q q 0 0 0 rg BT 133.17 154.10 Td (e Change in Prices) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 133.10 Td (e commit to annual contracts that determine selling prices for goods and services for periods of one year) Tj ET Q q 0 0 0 rg BT 475.04 133.10 Td (, and occasionally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (longer) Tj ET Q q 0 0 0 rg BT 75.00 121.10 Td (. ) Tj ET Q q 0 0 0 rg BT 79.81 121.10 Td (Though the Company has negotiated flexibility under many of these contracts that may allow the Company to increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.10 Td (prices on future orders, the Company does not have the ability to raise prices on orders received prior to any announced price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.10 Td (increase. Due to the intensely seasonal nature of our business, the Company may receive significant orders during the first and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (second quarters for delivery in the second and third quarters. ) Tj ET Q q 0 0 0 rg BT 297.51 85.10 Td (W) Tj ET Q q 0 0 0 rg BT 306.55 85.10 Td (ith respect to any of the contracts described above, if the costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (of providing our products or services increase between the date the orders are received and the shipping date, we may not be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (able to implement corresponding increases in our sales prices for such products or services in order to of) Tj ET Q q 0 0 0 rg BT 467.75 61.10 Td (fset the related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.10 Td (increased costs. During 2014, 2013, and 2012, the costs for raw materials purchased by the Company were stable . ) Tj ET Q q 0 0 0 rg BT 510.25 49.10 Td (These years ) Tj ET Q endstream endobj 65 0 obj <>] /Rotate 0 /Contents 66 0 R>> endobj 66 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (contrast with 201) Tj ET Q q 0 0 0 rg BT 119.06 742.10 Td (1, when the Company incurred an increase of approximately 30% in the cost of steel during the second ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 77.92 730.10 Td (, and nearly a 30% increase in the cost of certain plastics over the second and third quarters. ) Tj ET Q q 0 0 0 rg BT 450.10 730.10 Td (These cost increases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (adversely impacted gross mar) Tj ET Q q 0 0 0 rg BT 168.95 718.10 Td (gins in 201) Tj ET Q q 0 0 0 rg BT 213.02 718.10 Td (1 for products shipped during the summer season.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (For 2015, the Company anticipates continued volatility in costs, particularly with respect to certain raw materials, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (transportation, and ener) Tj ET Q q 0 0 0 rg BT 144.51 685.10 Td (gy) Tj ET Q q 0 0 0 rg BT 153.86 685.10 Td (. ) Tj ET Q q 0 0 0 rg BT 160.81 685.10 Td (Anticipated adverse volatility for 2015 is not expected to be as severe as experienced in certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (years, such as 201) Tj ET Q q 0 0 0 rg BT 122.39 673.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 134.71 673.10 Td (There is continued uncertainty with respect to steel and other raw material costs, especially of plastics, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (that are af) Tj ET Q q 0 0 0 rg BT 89.79 661.10 Td (fected by the price of oil. ) Tj ET Q q 0 0 0 rg BT 192.62 661.10 Td (T) Tj ET Q q 0 0 0 rg BT 198.38 661.10 Td (ransportation costs may be adversely af) Tj ET Q q 0 0 0 rg BT 356.20 661.10 Td (fected by increased oil prices, in the form of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (increased operation costs for our fleet, and surchar) Tj ET Q q 0 0 0 rg BT 251.96 649.10 Td (ges on freight paid to third-party carriers. ) Tj ET Q q 0 0 0 rg BT 422.00 649.10 Td (V) Tj ET Q q 0 0 0 rg BT 428.62 649.10 Td (irco depends upon third party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (carriers for more than 90% of customer deliveries. Subsequent to 2008, many carriers went out of business or were required to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (reduce the size of their fleets due to economic conditions, and have not increased the fleets as the economy has improved. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (Recent regulation and more stringent enforcement of federal regulations governing the transportation industry \(especially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (regarding drivers\) have adversely impacted the cost and availability of freight services. ) Tj ET Q q 0 0 0 rg BT 400.52 601.10 Td (V) Tj ET Q q 0 0 0 rg BT 407.14 601.10 Td (irco expects to incur continued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (pressure on employee benefit costs. ) Tj ET Q q 0 0 0 rg BT 194.78 589.10 Td (The Company has renewed health insurance contracts for its employees through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (December2015, but costs subsequent to that date may be adversely impacted by current legislation. ) Tj ET Q q 0 0 0 rg BT 451.65 577.10 Td (V) Tj ET Q q 0 0 0 rg BT 458.27 577.10 Td (irco has aggressively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (addressed these costs by reducing headcount, freezing pension benefits, passing on a portion of increased medical costs to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (employees, and hiring temporary workers who are not eligible for benefit programs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 532.10 Td (o recover the cumulative impact of increased costs, the Company raised the list prices for ) Tj ET Q q 0 0 0 rg BT 415.11 532.10 Td (V) Tj ET Q q 0 0 0 rg BT 421.73 532.10 Td (irco's products in 2014, 2013, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (2012. Due to current economic conditions, the Company anticipates continued significant price competition in 2015, and may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (not be able to raise prices without risk of losing market share. ) Tj ET Q q 0 0 0 rg BT 301.42 508.10 Td (The Company anticipates that the volatility of commodity costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (will not be as significant in 2015 as experienced in 201) Tj ET Q q 0 0 0 rg BT 270.13 496.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 282.08 496.10 Td (As a significant portion of ) Tj ET Q q 0 0 0 rg BT 389.38 496.10 Td (V) Tj ET Q q 0 0 0 rg BT 396.00 496.10 Td (irco's business is obtained through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (competitive bids, the Company is carefully considering material and transportation costs as part of the bidding process. ) Tj ET Q q 0 0 0 rg BT 531.37 484.10 Td (T) Tj ET Q q 0 0 0 rg BT 536.78 484.10 Td (otal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (material costs for 2015, as a percentage of sales, could be higher than in 2014. ) Tj ET Q q 0 0 0 rg BT 365.27 472.10 Td (The Company is working to control and reduce ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (costs by improving production and distribution methodologies, investigating new packaging and shipping materials, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (searching for new sources of purchased components and raw materials.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 422.60 Td (Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 175.68 422.60 Td (ces) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 401.60 Td (W) Tj ET Q q 0 0 0 rg BT 59.45 401.60 Td (orking Capital Requir) Tj ET Q q 0 0 0 rg BT 154.28 401.60 Td (ements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.60 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 380.60 Td (irco addresses liquidity and working capital requirements in the context of short-term seasonal requirements and long-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.60 Td (capital requirements of the business. ) Tj ET Q q 0 0 0 rg BT 200.61 368.60 Td (The Company's core business of selling furniture to publicly funded educational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.60 Td (institutions is extremely seasonal. ) Tj ET Q q 0 0 0 rg BT 189.80 356.60 Td (The seasonal nature of this business permeates most of ) Tj ET Q q 0 0 0 rg BT 411.51 356.60 Td (V) Tj ET Q q 0 0 0 rg BT 418.13 356.60 Td (irco's operational, capital, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.60 Td (financing decisions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.60 Td (The Company's working capital requirements during and in anticipation of the peak summer season oblige management to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.60 Td (make estimates and judgments that af) Tj ET Q q 0 0 0 rg BT 200.05 311.60 Td (fect ) Tj ET Q q 0 0 0 rg BT 217.36 311.60 Td (V) Tj ET Q q 0 0 0 rg BT 223.98 311.60 Td (irco's assets, liabilities, revenues and expenses. Management expends a significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.60 Td (amount of time during the year) Tj ET Q q 0 0 0 rg BT 173.73 299.60 Td (, and especially in the first quarter) Tj ET Q q 0 0 0 rg BT 309.67 299.60 Td (, developing a stocking plan and estimating the number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.60 Td (employees, the amount of raw materials, and the types of components and products that will be required during the peak ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.60 Td (season. If management underestimates any of these requirements, ) Tj ET Q q 0 0 0 rg BT 317.23 275.60 Td (V) Tj ET Q q 0 0 0 rg BT 323.85 275.60 Td (irco's ability to fill customer orders on a timely basis or to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.60 Td (provide adequate customer service may be diminished. If management overestimates any of these requirements, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.60 Td (may be required to absorb higher storage, labor and related costs, each of which may af) Tj ET Q q 0 0 0 rg BT 399.41 251.60 Td (fect profitability) Tj ET Q q 0 0 0 rg BT 464.01 251.60 Td (. On an ongoing basis, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.60 Td (management evaluates such estimates, including those related to market demand, labor costs, and inventory levels, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.60 Td (continually strives to improve ) Tj ET Q q 0 0 0 rg BT 172.02 227.60 Td (V) Tj ET Q q 0 0 0 rg BT 178.64 227.60 Td (irco's ability to correctly forecast business requirements during the peak season each year) Tj ET Q q 0 0 0 rg BT 535.32 227.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.60 Td (As part of ) Tj ET Q q 0 0 0 rg BT 92.31 206.60 Td (V) Tj ET Q q 0 0 0 rg BT 98.93 206.60 Td (irco's ef) Tj ET Q q 0 0 0 rg BT 130.26 206.60 Td (forts to address seasonality) Tj ET Q q 0 0 0 rg BT 237.64 206.60 Td (, financial performance and quality without sacrificing service or market share, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.60 Td (management has been refining the Company's ) Tj ET Q q 0 0 0 rg BT 236.20 194.60 Td (A) Tj ET Q q 0 0 0 rg BT 242.31 194.60 Td (TS operating model. ) Tj ET Q q 0 0 0 rg BT 328.69 194.60 Td (A) Tj ET Q q 0 0 0 rg BT 334.80 194.60 Td (TS is ) Tj ET Q q 0 0 0 rg BT 357.96 194.60 Td (V) Tj ET Q q 0 0 0 rg BT 364.58 194.60 Td (irco's version of mass-customization, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.60 Td (assembles standard, stocked components into customized configurations before shipment. ) Tj ET Q q 0 0 0 rg BT 414.18 182.60 Td (The Company's ) Tj ET Q q 0 0 0 rg BT 478.75 182.60 Td (A) Tj ET Q q 0 0 0 rg BT 484.87 182.60 Td (TS program ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.60 Td (reduces the total amount of inventory and working capital needed to support a given level of sales. It does this by increasing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.60 Td (the inventory's versatility) Tj ET Q q 0 0 0 rg BT 150.58 158.60 Td (, delaying assembly until the last moment, and reducing the amount of warehouse space needed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.60 Td (store finished goods. In order to provide one stop shopping for all FF&E needs, ) Tj ET Q q 0 0 0 rg BT 381.71 146.60 Td (V) Tj ET Q q 0 0 0 rg BT 388.33 146.60 Td (irco purchases and re-sells certain finished ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.60 Td (goods from other furniture manufacturers. ) Tj ET Q q 0 0 0 rg BT 223.37 134.60 Td (When practical, these furniture items are drop shipped from the Company's supplier) Tj ET Q q 0 0 0 rg BT 558.41 134.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.60 Td (Where cost ef) Tj ET Q q 0 0 0 rg BT 105.34 122.60 Td (fective, the Company will bring the item into the ) Tj ET Q q 0 0 0 rg BT 302.90 122.60 Td (V) Tj ET Q q 0 0 0 rg BT 309.52 122.60 Td (irco warehouse and the third party products will be shipped ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.60 Td (along with product manufactured by ) Tj ET Q q 0 0 0 rg BT 197.83 110.60 Td (V) Tj ET Q q 0 0 0 rg BT 204.45 110.60 Td (irco. ) Tj ET Q q 0 0 0 rg BT 227.32 110.60 Td (The Company did not carry material amounts of vendor inventory during the fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.60 Td (years ended January 31, 2015 or 2014.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.60 Td (In addition, ) Tj ET Q q 0 0 0 rg BT 98.42 77.60 Td (V) Tj ET Q q 0 0 0 rg BT 105.04 77.60 Td (irco finances its lar) Tj ET Q q 0 0 0 rg BT 181.22 77.60 Td (gest balance of accounts receivable during the peak season. ) Tj ET Q q 0 0 0 rg BT 423.44 77.60 Td (This occurs for three primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.60 Td (reasons. First, accounts receivable balances naturally increase during the peak season as shipments of products increase. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 53.60 Td (Second, many customers during this period are government institutions, which tend to pay accounts receivable more slowly ) Tj ET Q endstream endobj 67 0 obj <> endobj 68 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (than commercial customers. ) Tj ET Q q 0 0 0 rg BT 167.28 742.10 Td (Third, many summer deliveries may be projects where the Company provides furniture for a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (new school or significant refurbishment of an existing school. Projects may require architect sign of) Tj ET Q q 0 0 0 rg BT 451.93 730.10 Td (f, school board approval ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (prior to payment, or punch list completion, all of which can delay payment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (As a result of the seasonality of our business, our manufacturing and distribution capacity is dictated by the capacity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (requirement during the months of June, July) Tj ET Q q 0 0 0 rg BT 226.26 682.10 Td (, and ) Tj ET Q q 0 0 0 rg BT 247.65 682.10 Td (August. Because of this seasonality) Tj ET Q q 0 0 0 rg BT 391.42 682.10 Td (, factory utilization is lower during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (slow season. ) Tj ET Q q 0 0 0 rg BT 105.37 670.10 Td (The Company utilizes a variety of tactics to address the seasonality of its business. During the summer months, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (which comprise our second and third fiscal quarters, our personnel utilization generally is at or close to full capacity) Tj ET Q q 0 0 0 rg BT 513.93 658.10 Td (. ) Tj ET Q q 0 0 0 rg BT 521.25 658.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Company utilizes temporary labor and significant overtime to meet the seasonal requirements. During the slow portions of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (year) Tj ET Q q 0 0 0 rg BT 66.81 634.10 Td (, temporary labor and overtime are eliminated to moderate the of) Tj ET Q q 0 0 0 rg BT 325.69 634.10 Td (f-season costs. Our manufacturing facility capacity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (utilization generally remains less than 100% during these of) Tj ET Q q 0 0 0 rg BT 289.76 622.10 Td (f-season months; because physical structure capacity cannot be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (adjusted as readily as personnel capacity) Tj ET Q q 0 0 0 rg BT 211.79 610.10 Td (, we have secured suf) Tj ET Q q 0 0 0 rg BT 297.40 610.10 Td (ficient physical structure capacity to accommodate our current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (needs as well as for anticipated future growth. Our physical structure utilization is significantly lower during the first and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (fourth quarters of each year than it is during the second and third quarters.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (The Company utilizes a comparable strategy to address warehousing and distribution requirements. During summer months, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (temporary labor is hired to supplement experienced warehouse and distribution personnel. More than 80% of the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (freight is provided by third-party carriers. ) Tj ET Q q 0 0 0 rg BT 221.43 538.10 Td (The Company has secured suf) Tj ET Q q 0 0 0 rg BT 341.77 538.10 Td (ficient warehouse capacity to accommodate our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (current needs as well as anticipated future growth.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.10 Td (As the capital required for the summer season generally exceeds cash available from operations, ) Tj ET Q q 0 0 0 rg BT 437.17 505.10 Td (V) Tj ET Q q 0 0 0 rg BT 443.79 505.10 Td (irco has historically relied on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 493.10 Td (third-party bank financing to meet seasonal cash flow requirements. On December22, 201) Tj ET Q q 0 0 0 rg BT 414.79 493.10 Td (1 \(the Closing Date\), the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.10 Td (Company and ) Tj ET Q q 0 0 0 rg BT 108.14 481.10 Td (V) Tj ET Q q 0 0 0 rg BT 114.77 481.10 Td (irco Inc., a wholly owned subsidiary of the Company \(V) Tj ET Q q 0 0 0 rg BT 344.39 481.10 Td (irco and, together with the Company) Tj ET Q q 0 0 0 rg BT 494.81 481.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.10 Td (Borrowers\) entered into a Revolving Credit and Security ) Tj ET Q q 0 0 0 rg BT 287.71 469.10 Td (Agreement \(the Credit ) Tj ET Q q 0 0 0 rg BT 384.06 469.10 Td (Agreement\) with PNC Bank, National ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 457.10 Td (Association, as administrative agent and lender \(PNC\). ) Tj ET Q q 0 0 0 rg BT 283.64 457.10 Td (The credit agreement has been amended nine times subsequent to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 445.10 Td (that date, which, among other things, extended the maturity date of the Credit ) Tj ET Q q 0 0 0 rg BT 362.14 445.10 Td (Agreement for three years until December 22, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.70 Td (2017, reduced the) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 121.36 430.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.36 430.70 Td (maximum availability under the Credit ) Tj ET Q q 0 0 0 rg BT 281.83 430.70 Td (Agreement by $10,000,000 to $50,000,000, modified, eliminated, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.70 Td (waived covenants, amended seasonal advances and established sub-lines for equipment financing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.70 Td (On March 31, 2015 the Company entered into ) Tj ET Q q 0 0 0 rg BT 236.35 397.70 Td (Amendment No. 9, which retroactively modified the tangible net worth covenant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.70 Td (at January 31, 2015 and established quarterly covenants for the fiscal year ending January 31, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.70 Td (The Credit ) Tj ET Q q 0 0 0 rg BT 94.99 364.70 Td (Agreement provides the Borrowers with a secured revolving line of credit \(the Revolving Credit Facility\) of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.70 Td ($50,000,000, with seasonal adjustments to the credit limit and subject to borrowing base limitations, and includes a sub-limit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.70 Td (up to $3,000,000 for issuances of letters of credit. ) Tj ET Q q 0 0 0 rg BT 253.38 340.70 Td (The Revolving Credit Facility is an asset-based line of credit that is subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.70 Td (to a borrowing base limitation and generally provides for advances of up to 85% of eligible accounts receivable, plus a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.70 Td (percentage equal to the lesser of 60% of the value of eligible inventory or 85% of the liquidation value of eligible inventory) Tj ET Q q 0 0 0 rg BT 543.92 316.70 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.70 Td (plus an amount ranging from $8,000,000 to $14,000,000 from February 1 through July 31 of each year) Tj ET Q q 0 0 0 rg BT 460.63 304.70 Td (, minus undrawn ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.70 Td (amounts of letters of credit and reserves. ) Tj ET Q q 0 0 0 rg BT 217.26 292.70 Td (The Revolving Credit Facility is secured by substantially all of the Borrowers' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.70 Td (personal property and certain of the Borrowers' real property) Tj ET Q q 0 0 0 rg BT 292.17 280.70 Td (. ) Tj ET Q q 0 0 0 rg BT 299.49 280.70 Td (The principal amount outstanding under the Credit ) Tj ET Q q 0 0 0 rg BT 504.17 280.70 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.70 Td (and any accrued and unpaid interest is due no later than December 22, 2017, and the Revolving Credit Facility is subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.70 Td (certain prepayment penalties upon earlier termination of the Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 393.69 256.70 Td (. Prior to the maturity date, principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.70 Td (amounts outstanding under the Credit ) Tj ET Q q 0 0 0 rg BT 202.48 244.70 Td (Agreement may be repaid and reborrowed at the option of the Borrowers without ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.70 Td (premium or penalty) Tj ET Q q 0 0 0 rg BT 128.22 232.70 Td (, subject to borrowing base limitations, seasonal adjustments and certain other conditions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.70 Td (The Revolving Credit Facility bears interest, at the Borrowers' option, at either the ) Tj ET Q q 0 0 0 rg BT 381.44 211.70 Td (Alternate Base Rate \(as defined in the Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.70 Td (Agreement\) or the Eurodollar Currency Rate \(as defined in the Credit ) Tj ET Q q 0 0 0 rg BT 330.18 199.70 Td (Agreement\), in each case plus an applicable mar) Tj ET Q q 0 0 0 rg BT 523.80 199.70 Td (gin. ) Tj ET Q q 0 0 0 rg BT 541.40 199.70 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.70 Td (applicable mar) Tj ET Q q 0 0 0 rg BT 108.96 187.70 Td (gin for ) Tj ET Q q 0 0 0 rg BT 137.84 187.70 Td (Alternate Base Rate loans is a percentage within a range of 0.75% to 1.75%, and the applicable mar) Tj ET Q q 0 0 0 rg BT 536.41 187.70 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.70 Td (for Eurodollar Currency Rate loans is a percentage within a range of 1.75% to 2.75%, in each case based on the EBITDA) Tj ET Q q 0 0 0 rg BT 534.84 175.70 Td ( of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.70 Td (Borrowers at the end of each fiscal quarter) Tj ET Q q 0 0 0 rg BT 219.80 163.70 Td (, and may be increased at PNC's option by 2.0% during the continuance of an event ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.70 Td (of default. ) Tj ET Q q 0 0 0 rg BT 93.04 151.70 Td (Accrued interest with respect to principal amounts outstanding under the Credit ) Tj ET Q q 0 0 0 rg BT 413.24 151.70 Td (Agreement is payable in arrears on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.70 Td (monthly basis for ) Tj ET Q q 0 0 0 rg BT 121.94 139.70 Td (Alternative Base Rate loans, and at the end of the applicable interest period but at most every three months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.70 Td (for Eurodollar Currency Rate loans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.70 Td (The Credit ) Tj ET Q q 0 0 0 rg BT 94.99 106.70 Td (Agreement contains a covenant that forbids the Company from issuing dividends or making payments with respect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.70 Td (to the Company's capital stock, and contains numerous other covenants that limit under certain circumstances the ability of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.70 Td (Borrowers and their subsidiaries to, among other things, mer) Tj ET Q q 0 0 0 rg BT 292.55 82.70 Td (ge with or acquire other entities, incur new liens, incur additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.70 Td (indebtedness, repurchase stock, sell assets outside of the ordinary course of business, enter into transactions with af) Tj ET Q q 0 0 0 rg BT 511.09 70.70 Td (filiates, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.70 Td (substantially change the general nature of the business of the Borrowers, taken as a whole. ) Tj ET Q q 0 0 0 rg BT 413.87 58.70 Td (The Credit ) Tj ET Q q 0 0 0 rg BT 458.86 58.70 Td (Agreement also requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.70 Td (the Company to maintain the following financial maintenance covenants: \(1\) a minimum tangible net worth amount, \(2\) a ) Tj ET Q endstream endobj 69 0 obj <> endobj 70 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (minimum fixed char) Tj ET Q q 0 0 0 rg BT 131.46 742.10 Td (ge coverage ratio, and \(3\) a minimum EBITDA) Tj ET Q q 0 0 0 rg BT 320.85 742.10 Td ( amount, in each case as of the end of the relevant monthly) Tj ET Q q 0 0 0 rg BT 555.40 742.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (quarterly or annual measurement period. ) Tj ET Q q 0 0 0 rg BT 216.88 730.10 Td (As of January31, 2015 the Credit ) Tj ET Q q 0 0 0 rg BT 354.09 730.10 Td (Agreement required the Company to maintain: \(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (a minimum tangible net worth of at least $25,190,000 for the fiscal quarter ending January31, 2015, \(2\) a minimum fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 706.10 Td (ge coverage ratio of at least 1.00 to 1.00 for the four consecutive fiscal quarters ending January31, 2015 , and \(3\) a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (minimum EBITDA) Tj ET Q q 0 0 0 rg BT 127.50 694.10 Td ( amount of $5,512,000 for the twelve consecutive fiscal months ending January31, 2015. Subsequent to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (January 31, 2015, the Company entered into ) Tj ET Q q 0 0 0 rg BT 229.13 682.10 Td (Amendment No. 9 to the credit agreement which modified the tangible net worth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (covenant to $20,565,000. ) Tj ET Q q 0 0 0 rg BT 153.69 670.10 Td (The actual results of the Company with respect to the foregoing financial covenants for the period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (ending January31, 2015 were as follows: \(1\) the Company maintained a tangible net worth of $22,573,000 for the fiscal year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (ending January31, 2015, \(2\) the Company maintained a fixed char) Tj ET Q q 0 0 0 rg BT 317.52 646.10 Td (ge coverage ratio of more than 1.00 to 1.00 for the four ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (consecutive fiscal quarters ended January31, 2015 , and \(3\) the Company achieved EBITDA) Tj ET Q q 0 0 0 rg BT 422.38 634.10 Td ( of $ 7,281,000 for the twelve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (consecutive fiscal months ending January31, 2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (In addition, the Credit ) Tj ET Q q 0 0 0 rg BT 140.26 601.10 Td (Agreement contains a clean down provision that requires the Company to reduce borrowings under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (line to less than $6,000,000 for a period of 60consecutive days each fiscal year) Tj ET Q q 0 0 0 rg BT 367.12 589.10 Td (. ) Tj ET Q q 0 0 0 rg BT 374.44 589.10 Td (The Company believes that normal operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (cash flow will allow it to meet the clean down requirement with no adverse impact on the Company's liquidity) Tj ET Q q 0 0 0 rg BT 491.05 577.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (The Company was in violation of its minimum tangible net worth covenant for the relevant period ended January31, 2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (However) Tj ET Q q 0 0 0 rg BT 86.25 544.10 Td (, as noted above, on March 31, 2015 the Company entered into ) Tj ET Q q 0 0 0 rg BT 339.80 544.10 Td (Amendment No. 9, which modified the tangible net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (worth covenant as of January 31, 2015. ) Tj ET Q q 0 0 0 rg BT 212.00 532.10 Td (The Company was in compliance with the modified covenant. ) Tj ET Q q 0 0 0 rg BT 465.37 532.10 Td (The Company expects ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (to be in compliance for the next fiscal year) Tj ET Q q 0 0 0 rg BT 220.49 520.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (Events of default \(subject to certain cure periods and other limitations\) under the Credit ) Tj ET Q q 0 0 0 rg BT 402.11 499.10 Td (Agreement include, but are not limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (to, \(i\) non-payment of principal, interest or other amounts due under the Credit ) Tj ET Q q 0 0 0 rg BT 367.42 487.10 Td (Agreement, \(ii\) the violation of terms, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (covenants, representations or warranties in the Credit ) Tj ET Q q 0 0 0 rg BT 264.93 475.10 Td (Agreement or related loan documents, \(iii\) any event of default under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (agreements governing certain indebtedness of the Borrowers and certain defaults by the Borrowers under other agreements that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (would materially adversely af) Tj ET Q q 0 0 0 rg BT 168.94 451.10 Td (fect the Borrowers, \(iv\) certain events of bankruptcy) Tj ET Q q 0 0 0 rg BT 378.21 451.10 Td (, insolvency or liquidation involving the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (Borrowers, \(v\) judgments or judicial actions against the Borrowers in excess of $250,000, subject to certain conditions, \(vi\) the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (failure of the Company to comply with Pension Benefit Plans \(as defined in the Credit ) Tj ET Q q 0 0 0 rg BT 397.44 427.10 Td (Agreement\), \(vii\) the invalidity of loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (documents pertaining to the Credit ) Tj ET Q q 0 0 0 rg BT 190.81 415.10 Td (Agreement, \(viii\) a change of control of the Borrowers and \(ix\) the interruption of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (operations of any of the Borrowers' manufacturing facilities for five consecutive days during the peak season or fifteen ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (consecutive days during any other time, subject to certain conditions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (Pursuant to the Credit ) Tj ET Q q 0 0 0 rg BT 139.44 370.10 Td (Agreement, substantially all of the Borrowers' accounts receivable are automatically and promptly swept ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (to repay amounts outstanding under the Revolving Credit Facility upon receipt by the Borrowers. Due to this automatic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (liquidating nature of the Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 250.42 346.10 Td (, if the Borrowers breach any covenant, violate any representation or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (warranty or suf) Tj ET Q q 0 0 0 rg BT 110.91 334.10 Td (fer a deterioration in their ability to borrow pursuant to the borrowing base calculation, the Borrowers may not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (have access to cash liquidity unless provided by PNC at its discretion. In addition, certain of the covenants and representations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (and warranties set forth in the Credit ) Tj ET Q q 0 0 0 rg BT 198.57 310.10 Td (Agreement contain limited or no materiality thresholds, and many of the representations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (and warranties must be true and correct in all material respects upon each borrowing, which the Borrowers expect to occur on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (an ongoing basis. ) Tj ET Q q 0 0 0 rg BT 124.54 286.10 Td (There can be no assurance that the Borrowers will be able to comply with all such covenants and be able to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (continue to make such representations and warranties on an ongoing basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.10 Td (The Company's line of credit with PNC is structured to provide seasonal credit availability during the Company's peak summer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.10 Td (season. ) Tj ET Q q 0 0 0 rg BT 83.98 241.10 Td (The Company believes that the Revolving Credit Facility will provide suf) Tj ET Q q 0 0 0 rg BT 378.75 241.10 Td (ficient liquidity to meet its capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.10 Td (requirements in the next 12 months. ) Tj ET Q q 0 0 0 rg BT 198.31 229.10 Td (Approximately $10,658,000 was available for borrowing as of January31, 2015 .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 203.60 Td (Long-T) Tj ET Q q 0 0 0 rg BT 81.31 203.60 Td (erm Capital Requir) Tj ET Q q 0 0 0 rg BT 165.01 203.60 Td (ements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.60 Td (In addition to short-term liquidity considerations, the Company continually evaluates long-term capital requirements. From ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.60 Td (1997 through 2000, the Company completed two lar) Tj ET Q q 0 0 0 rg BT 259.23 170.60 Td (ge capital projects, which have had significant subsequent ef) Tj ET Q q 0 0 0 rg BT 501.46 170.60 Td (fects on cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.60 Td (flow) Tj ET Q q 0 0 0 rg BT 67.68 158.60 Td (. ) Tj ET Q q 0 0 0 rg BT 72.50 158.60 Td (The first project was the implementation of the SAP) Tj ET Q q 0 0 0 rg BT 280.97 158.60 Td ( enterprise resources planning system. ) Tj ET Q q 0 0 0 rg BT 438.25 158.60 Td (The second project was the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.60 Td (expansion and re-configuration of the Conway) Tj ET Q q 0 0 0 rg BT 235.68 146.60 Td (, ) Tj ET Q q 0 0 0 rg BT 240.13 146.60 Td (Arkansas, manufacturing and distribution facility) Tj ET Q q 0 0 0 rg BT 436.38 146.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.60 Td (Upon completion of these projects, the Company dramatically reduced capital spending. During 2001-2005 capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.60 Td (expenditures ranged from 25%-40% of depreciation expense, and has remained below depreciation since that time. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.60 Td (Management intends to limit future capital spending until growth in sales volume fully utilizes the new plant and distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.60 Td (capacity) Tj ET Q q 0 0 0 rg BT 82.66 86.60 Td (. Capital expenditures will continue to focus on automation, both in the factory and software applications, and new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.60 Td (product development along with the tooling and new processes required to produce new products. ) Tj ET Q q 0 0 0 rg BT 446.38 74.60 Td (The Company has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 62.60 Td (established a goal of limiting capital spending to less than $3,000,000 for 2015, which is less than anticipated depreciation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 50.60 Td (expense.) Tj ET Q endstream endobj 71 0 obj <>] /Rotate 0 /Contents 72 0 R>> endobj 72 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (34) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Asset Impairment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 721.25 Td (The Company made substantial investments in its infrastructure in 1998, 1999, and 2000. ) Tj ET Q q 0 0 0 rg BT 409.76 721.25 Td (The investments included a new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (factory) Tj ET Q q 0 0 0 rg BT 77.67 709.25 Td (, new warehouse, and new production and distribution equipment. Much of the tooling, machinery) Tj ET Q q 0 0 0 rg BT 473.04 709.25 Td (, and equipment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (acquired at this time is now fully or substantially depreciated. ) Tj ET Q q 0 0 0 rg BT 301.42 697.25 Td (The factory) Tj ET Q q 0 0 0 rg BT 347.13 697.25 Td (, warehouse, and equipment acquired are used to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (produce, store, and ship a variety of product lines, and the use of any one piece of equipment is not dependent on the success or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (volume of any individual product. New products are designed to use as many common or existing components as practical. ) Tj ET Q q 0 0 0 rg BT 549.60 673.25 Td (As ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (a result, both our ) Tj ET Q q 0 0 0 rg BT 119.71 661.25 Td (A) Tj ET Q q 0 0 0 rg BT 125.83 661.25 Td (TS inventory components and the machines used to produce them become more versatile. ) Tj ET Q q 0 0 0 rg BT 489.71 661.25 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (evaluates the potential for impaired assets on a quarterly basis. ) Tj ET Q q 0 0 0 rg BT 304.92 649.25 Td (As of January31, 2015, there has been no impairment to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.25 Td (long-lived assets of the Company) Tj ET Q q 0 0 0 rg BT 183.22 637.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.25 Td (The Company has no intangible assets on its Consolidated Balance Sheet at January31, 2015.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 587.75 Td (Contractual Obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 566.75 Td (The Company leases manufacturing, transportation, and of) Tj ET Q q 0 0 0 rg BT 284.75 566.75 Td (fice equipment, as well as real estate under a variety of operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.75 Td (leases. ) Tj ET Q q 0 0 0 rg BT 81.20 554.75 Td (The Company leases substantially all vehicles, including trucks and passenger cars under operating leases where the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.75 Td (lessor provides fleet management services for the Company) Tj ET Q q 0 0 0 rg BT 288.44 542.75 Td (. ) Tj ET Q q 0 0 0 rg BT 295.76 542.75 Td (The fleet management services provide ) Tj ET Q q 0 0 0 rg BT 455.23 542.75 Td (V) Tj ET Q q 0 0 0 rg BT 461.86 542.75 Td (irco with operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.75 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 530.75 Td (ficiencies relating to the acquisition, administration, and operation of leased vehicles. Real estate leases have been used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.75 Td (where the Company did not want to make a long-term commitment to a location, or when economic conditions favored leasing. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.75 Td (The ) Tj ET Q q 0 0 0 rg BT 67.87 506.75 Td (T) Tj ET Q q 0 0 0 rg BT 73.28 506.75 Td (orrance manufacturing and distribution facility is leased under an operating lease that expires on February28, 2020. ) Tj ET Q q 0 0 0 rg BT 541.84 506.75 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.75 Td (Company does not have any lease obligations or purchase commitments in excess of normal recurring obligations. Leasehold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.75 Td (improvements and tenant improvement allowances are depreciated over the lesser of the expected life of the asset or the lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.75 Td (term.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.05 440.75 Td (Contractual Obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.40 428.75 Td (Payments Due by Period) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 417.95 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 386.45 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 386.45 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 386.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 386.45 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 386.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 386.45 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 386.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 386.45 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 386.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 386.45 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 356.45 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 356.45 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 356.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 356.45 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 356.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 356.45 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 356.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 356.45 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 356.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 356.45 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 326.45 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 326.45 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 326.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 326.45 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 326.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 326.45 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 326.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 326.45 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 326.45 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 326.45 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 386.45 m 246.5 386.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 386.45 m 306.5 386.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 386.45 m 370.5 386.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 386.45 m 434.5 386.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 386.45 m 498.5 386.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 386.45 m 562.5 386.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 326.45 m 306.5 326.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 312.45 m 306.5 312.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 310.45 m 306.5 310.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 326.45 m 370.5 326.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 312.45 m 370.5 312.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 310.45 m 370.5 310.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 326.45 m 434.5 326.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 312.45 m 434.5 312.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 310.45 m 434.5 310.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 326.45 m 498.5 326.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 312.45 m 498.5 312.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 310.45 m 498.5 310.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 326.45 m 562.5 326.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 312.45 m 562.5 312.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 310.45 m 562.5 310.45 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 390.70 Td (In thousands) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 267.25 390.68 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 320.65 398.68 Td (Less than 1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.50 390.68 Td (year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.55 390.68 Td (1-3 years) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.55 390.68 Td (3-5years) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.95 398.68 Td (Morethan5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.85 390.68 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 377.02 Td (Long-term debt obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 376.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.15 376.12 Td (9,519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.00 376.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.15 376.12 Td (3,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 376.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 376.12 Td (6,153) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 376.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 376.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 376.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 376.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 362.02 Td (Interest on long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.65 361.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.65 361.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 361.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 361.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 361.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 347.02 Td (Operating lease obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.15 346.12 Td (20,644) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.15 346.12 Td (3,364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 346.12 Td (8,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 346.12 Td (8,333) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 346.12 Td (347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 332.02 Td (Purchase obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.15 331.12 Td (9,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.15 331.12 Td (9,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 331.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 331.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 331.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 316.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.15 316.12 Td (39,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.00 316.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 316.12 Td (16,394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 316.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 316.12 Td (14,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 316.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 316.12 Td (8,333) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 316.12 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 316.12 Td (347) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.95 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 287.95 Td (e may be required to make cash outlays related to our unrecognized tax benefits. However) Tj ET Q q 0 0 0 rg BT 421.43 287.95 Td (, due to the uncertainty of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.95 Td (timing of future cash flows associated with our unrecognized tax benefits, we are unable to make reasonably reliable estimates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.95 Td (of the period of cash settlement, if any) Tj ET Q q 0 0 0 rg BT 203.19 263.95 Td (, with the respective taxing authorities. ) Tj ET Q q 0 0 0 rg BT 362.87 263.95 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 412.21 263.95 Td (, unrecognized tax benefits of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.95 Td ($36,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 251.95 Td ( as of January31, 2015, have been excluded from the contractual obligations table above. For further information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.95 Td (related to unrecognized tax benefits, see Note 7, Income ) Tj ET Q q 0 0 0 rg BT 281.67 239.95 Td (T) Tj ET Q q 0 0 0 rg BT 287.08 239.95 Td (axes, to the consolidated financial statements included in this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.95 Td (Annual Report on Form 10-K.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.95 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 206.95 Td (irco's lar) Tj ET Q q 0 0 0 rg BT 90.73 206.95 Td (gest market is publicly funded school districts. ) Tj ET Q q 0 0 0 rg BT 279.03 206.95 Td (A) Tj ET Q q 0 0 0 rg BT 285.70 206.95 Td ( significant portion of this business is awarded on a bid basis. Many ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.95 Td (school districts require that a bid bond be posted as part of the bid package. In addition to bid bonds, many districts require a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.95 Td (performance bond when the bid is awarded. ) Tj ET Q q 0 0 0 rg BT 227.16 182.95 Td (At January31, 2015, the Company had bonds outstanding valued at approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.95 Td ($1,200,000. ) Tj ET Q q 0 0 0 rg BT 102.32 170.95 Td (T) Tj ET Q q 0 0 0 rg BT 107.73 170.95 Td (o the best of management's knowledge, in over 65years of selling to schools, ) Tj ET Q q 0 0 0 rg BT 419.28 170.95 Td (V) Tj ET Q q 0 0 0 rg BT 425.90 170.95 Td (irco has never had a bid or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.95 Td (performance bond called.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.95 Td (The Company provides a warranty against all substantial defects in material and workmanship. In 2005 the Company extended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.95 Td (its standard warranty from five years to 10years. Ef) Tj ET Q q 0 0 0 rg BT 258.08 125.95 Td (fective February 1, 2014, the Company of) Tj ET Q q 0 0 0 rg BT 425.63 125.95 Td (fered a limited lifetime warranty) Tj ET Q q 0 0 0 rg BT 554.93 125.95 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.95 Td (The Company does not believe that the new warranty policy will have a significant impact on warranty expense. ) Tj ET Q q 0 0 0 rg BT 504.68 113.95 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.95 Td (Company's warranty is not a guarantee of service life, which depends upon events outside the Company's control and may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.95 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 89.95 Td (ferent from the warranty period. ) Tj ET Q q 0 0 0 rg BT 194.30 89.95 Td (The Company accrues an estimate of its exposure to warranty claims based upon both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.95 Td (product sales data, and an analysis of actual warranty claims incurred. ) Tj ET Q q 0 0 0 rg BT 334.34 77.95 Td (At the current time, management cannot reasonably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.95 Td (determine whether warranty claims for the upcoming fiscal year will be less than, equal to, or greater than warranty claims ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 53.95 Td (incurred in 2014. ) Tj ET Q q 0 0 0 rg BT 123.41 53.95 Td (The following is a summary of the Company's warranty-claim activity during 2014 and 2013.) Tj ET Q endstream endobj 73 0 obj <> endobj 74 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (35) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 722.50 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 722.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 722.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 722.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 692.50 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 692.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 692.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 692.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 662.50 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 662.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 662.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 662.50 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 722.5 m 428.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 722.5 m 493.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 722.5 m 562.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 722.5 m 493.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 722.5 m 562.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 662.5 m 493.5 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 662.5 m 562.5 662.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 648.5 m 493.5 648.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 646.5 m 493.5 646.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 648.5 m 562.5 648.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 646.5 m 562.5 646.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 739.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.75 739.73 Td (January31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 726.75 Td (In thousands) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 726.73 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 726.73 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 713.07 Td (Beginning balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 712.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 712.17 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 712.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 712.17 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 698.07 Td (Provision for current year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 697.17 Td (650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 697.17 Td (600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 682.17 Td (Provision for prior year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 682.22 Td (\(258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 682.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 682.22 Td (\(220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 682.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 668.07 Td (Costs incurred) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 667.22 Td (\(442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 667.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 667.22 Td (\(380) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 667.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 653.07 Td (Ending balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 652.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 652.17 Td (950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 652.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 652.17 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.50 Td (Retir) Tj ET Q q 0 0 0 rg BT 72.03 622.50 Td (ement Obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.50 Td (The Company provides retirement benefits to employees and non-employee directors under three defined benefit retirement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.50 Td (plans; the Employee Plan, the ) Tj ET Q q 0 0 0 rg BT 171.46 589.50 Td (VIP) Tj ET Q q 0 0 0 rg BT 187.20 589.50 Td ( Plan, and the Directors Plan. ) Tj ET Q q 0 0 0 rg BT 306.44 589.50 Td (The Employee Plan is a qualified retirement plan that is funded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.50 Td (through a trust held at ) Tj ET Q q 0 0 0 rg BT 140.08 577.50 Td (W) Tj ET Q q 0 0 0 rg BT 148.72 577.50 Td (ells Far) Tj ET Q q 0 0 0 rg BT 178.25 577.50 Td (go Bank \(T) Tj ET Q q 0 0 0 rg BT 223.45 577.50 Td (rustee\). ) Tj ET Q q 0 0 0 rg BT 257.97 577.50 Td (The other two plans are non-qualified retirement plans. Benefits payable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.50 Td (under the ) Tj ET Q q 0 0 0 rg BT 89.80 565.50 Td (VIP) Tj ET Q q 0 0 0 rg BT 105.55 565.50 Td ( Plan are secured by life insurance policies held in a rabbi trust and the Directors Plan is not funded. ) Tj ET Q q 0 0 0 rg BT 510.25 565.50 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.50 Td (Company obtains annual actuarial valuations for all three plans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.50 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.26 532.50 Td (fective December31, 2003, benefit accruals were frozen for all three plans. Employees continued to vest under the benefits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.50 Td (earned to date, but no covered participants earned additional benefits after the plan freeze. ) Tj ET Q q 0 0 0 rg BT 414.56 520.50 Td (At January31, 2015, all active ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.50 Td (participants under the plans were fully vested.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.50 Td (Accounting policy regarding pensions requires management to make complex and subjective estimates and assumptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.50 Td (relating to amounts which are inherently uncertain. ) Tj ET Q q 0 0 0 rg BT 256.42 475.50 Td (Three primary economic assumptions influence the reported values of plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.50 Td (liabilities and pension costs. ) Tj ET Q q 0 0 0 rg BT 167.58 463.50 Td (The Company takes the following factors into consideration: discount rate, assumed rate of return ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.50 Td (and assumed rate of increases in compensation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.50 Td (The discount rate represents an estimate of the rate of return on a portfolio of high-quality fixed-income securities that would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.50 Td (provide cash flows that match the expected benefit payment stream from the plans. ) Tj ET Q q 0 0 0 rg BT 386.65 418.50 Td (When setting the discount rate, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.50 Td (Company utilizes a spot-rate yield curve developed from high-quality bonds currently available which reflects changes in rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.50 Td (that have occurred over the past year) Tj ET Q q 0 0 0 rg BT 196.60 394.50 Td (. ) Tj ET Q q 0 0 0 rg BT 203.92 394.50 Td (This assumption is sensitive to movements in market rates that have occurred since the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.50 Td (preceding valuation date, and therefore may change from year to year) Tj ET Q q 0 0 0 rg BT 327.92 382.50 Td (. ) Tj ET Q q 0 0 0 rg BT 335.24 382.50 Td (V) Tj ET Q q 0 0 0 rg BT 341.87 382.50 Td (irco discounted the pension obligations for the various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.50 Td (plans using the following rates:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 348.00 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 348.00 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 348.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 348.00 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 348.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 348.00 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 320.00 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 320.00 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 320.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 320.00 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 320.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 320.00 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 348 m 424.5 348 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 348 m 493.5 348 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 348 m 562.5 348 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 348 m 493.5 348 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 348 m 562.5 348 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.50 352.08 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 352.08 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 352.08 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 338.57 Td (Employee Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 338.57 Td (3.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 338.57 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 338.57 Td (4.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 338.57 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 338.57 Td (4.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 338.57 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 324.57 Td (VIP Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 324.57 Td (3.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 324.57 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 324.57 Td (4.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 324.57 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 324.57 Td (4.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 324.57 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 310.57 Td (Directors Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 310.57 Td (3.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 310.57 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 310.57 Td (4.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 310.57 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 310.57 Td (4.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 310.57 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 282.50 Td (Because the discount rates used in 2014 were low) Tj ET Q q 0 0 0 rg BT 248.18 282.50 Td (, a one percent change in rates can cause a material change in the pension ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 270.50 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 101.39 270.50 Td (A) Tj ET Q q 0 0 0 rg BT 108.06 270.50 Td ( one percent reduction in discount rates would cause obligations under the Employee Plan to increase by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 258.50 Td (approximately $6.4 million. ) Tj ET Q q 0 0 0 rg BT 166.10 258.50 Td (A) Tj ET Q q 0 0 0 rg BT 172.77 258.50 Td ( one percent reduction in discount rates would cause obligations under the non-qualified plans to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 246.50 Td (increase by approximately $1.8 million. ) Tj ET Q q 0 0 0 rg BT 211.72 246.50 Td (The retirement obligations would decrease by similar amounts if discount rate were to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 234.50 Td (increase by a comparable percentage. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 213.50 Td (Because the Company froze future benefit accruals for all three defined benefit plans in 2003, the compensation increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 201.50 Td (assumption had no impact on pension expense, accumulated benefit obligation or projected benefit obligation for the period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 189.50 Td (ended January31, 2015 or 2014.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.50 Td (The assumed rate of return on plan assets represents an estimate of long-term returns available to investors who hold a mixture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.50 Td (of stocks, bonds, and cash equivalent securities. ) Tj ET Q q 0 0 0 rg BT 246.16 156.50 Td (When setting the expected return on plan asset assumptions, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 144.50 Td (considers long-term rates of return on various asset classes \(both historical and forecasted, using data collected from various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 132.50 Td (sources generally regarded as authoritative\) in the context of expected long-term average asset allocations for its defined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 120.50 Td (benefit pension plan. For 2014, 2013 and 2012 the Company used a 6.5% expected return on plan assets, net of expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 99.50 Td (During 201) Tj ET Q q 0 0 0 rg BT 95.46 99.50 Td (1 two events significantly impacted the pension plans. ) Tj ET Q q 0 0 0 rg BT 314.40 99.50 Td (The first event was a reduction in the discount rate utilized to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 87.50 Td (calculate pension plan obligations. ) Tj ET Q q 0 0 0 rg BT 190.62 87.50 Td (The reduction in discount rate caused the liability for pension obligations to increase by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 75.50 Td (approximately $3.7 million, $1.4 million, and $26,000 for the Employee Plan, the ) Tj ET Q q 0 0 0 rg BT 379.21 75.50 Td (VIP) Tj ET Q q 0 0 0 rg BT 394.96 75.50 Td ( Plan, and the Directors Plan, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 63.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 63.50 Td (. ) Tj ET Q q 0 0 0 rg BT 102.48 63.50 Td (The second event was a $2.0 million settlement char) Tj ET Q q 0 0 0 rg BT 311.96 63.50 Td (ge for the Employee Plan. ) Tj ET Q q 0 0 0 rg BT 420.54 63.50 Td (As part of a restructuring plan, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 51.50 Td (Company of) Tj ET Q q 0 0 0 rg BT 99.54 51.50 Td (fered early retirement benefits to all employees who voluntarily severed their employment with the Company) Tj ET Q q 0 0 0 rg BT 536.53 51.50 Td (. ) Tj ET Q endstream endobj 75 0 obj <> endobj 76 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Although the early retirement benefit was paid in cash and did not include any additional benefits payable from a retirement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (plan, the benefit formula was structured to reward employees with significant years of service, the same employees who would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (have earned retirement benefits prior to the plan freeze in 2003. ) Tj ET Q q 0 0 0 rg BT 306.93 718.10 Td (The pension trust made significant lump sum distributions to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (participants in the latter part of the year) Tj ET Q q 0 0 0 rg BT 207.59 706.10 Td (, resulting in settlement char) Tj ET Q q 0 0 0 rg BT 320.99 706.10 Td (ges in the third and fourth quarters. Because the ) Tj ET Q q 0 0 0 rg BT 514.63 706.10 Td (VIP) Tj ET Q q 0 0 0 rg BT 530.38 706.10 Td ( Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (and Director Plan do not allow lump sum payments, there was no similar settlement char) Tj ET Q q 0 0 0 rg BT 405.01 694.10 Td (ge required.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (During 2012 the pension plans were impacted by the same events of 201) Tj ET Q q 0 0 0 rg BT 340.11 673.10 Td (1, but to a lesser extent. ) Tj ET Q q 0 0 0 rg BT 436.76 673.10 Td (A) Tj ET Q q 0 0 0 rg BT 443.43 673.10 Td ( reduction in the discount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (rate caused the liability for pension obligations to increase by approximately $2.0 million, $0.3 million, and $10,000 for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (Employee Plan, the ) Tj ET Q q 0 0 0 rg BT 130.36 649.10 Td (VIP) Tj ET Q q 0 0 0 rg BT 146.10 649.10 Td ( Plan, and the Directors Plan, respectively) Tj ET Q q 0 0 0 rg BT 313.18 649.10 Td (. ) Tj ET Q q 0 0 0 rg BT 320.13 649.10 Td (As a result of lar) Tj ET Q q 0 0 0 rg BT 386.59 649.10 Td (ge distributions paid from the Employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (Plan, a $760,000 settlement char) Tj ET Q q 0 0 0 rg BT 180.34 637.10 Td (ge for the Employee Plan was recorded.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (During 2013 the pension plans were impacted by a reduction in force. ) Tj ET Q q 0 0 0 rg BT 333.81 616.10 Td (Although the severance benefits were paid in cash and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (did not include any additional benefits payable from a retirement plan, the severance included employees with vested pension ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (benefits. ) Tj ET Q q 0 0 0 rg BT 88.97 592.10 Td (The pension trust made significant lump sum distributions to participants in the latter part of the year) Tj ET Q q 0 0 0 rg BT 492.37 592.10 Td (, resulting in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (settlement char) Tj ET Q q 0 0 0 rg BT 110.63 580.10 Td (ges in the third and fourth quarters. During 2013, the pension liability decreased due to increased discount rates. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (During 2014, the pension plans were impacted severely by a material decrease in discount rates and by application of a new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (mortality table. ) Tj ET Q q 0 0 0 rg BT 115.54 547.10 Td (A) Tj ET Q q 0 0 0 rg BT 122.21 547.10 Td ( reduction in the discount rate caused pension obligations to increase by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.13 547.10 Td ($5.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.03 547.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.03 547.10 Td ($1.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.92 547.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.86 547.10 Td ($0.02 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 535.10 Td ( for the Employee Plan, ) Tj ET Q q 0 0 0 rg BT 175.91 535.10 Td (VIP) Tj ET Q q 0 0 0 rg BT 191.65 535.10 Td ( Plan, and Director Plan, respectively) Tj ET Q q 0 0 0 rg BT 340.12 535.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (It is the Company's policy to contribute adequate funds to the trust accounts to cover benefit payments under the ) Tj ET Q q 0 0 0 rg BT 501.78 514.10 Td (VIP) Tj ET Q q 0 0 0 rg BT 517.52 514.10 Td ( Plan and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (Directors Plan and to maintain the funded status of the Employee Plan at a level which is adequate to avoid significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (restrictions to the Employee Plan under the Pension Protection ) Tj ET Q q 0 0 0 rg BT 302.46 490.10 Td (Act of 2006. ) Tj ET Q q 0 0 0 rg BT 357.54 490.10 Td (The Company contributed $2.4 million, $1.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (million, and $2.0million, to the trust in 2014, 2013, and 2012, respectively) Tj ET Q q 0 0 0 rg BT 349.87 478.10 Td (. Contributions during 2015 will depend upon actual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (investment results and benefit payments, but are anticipated to be approximately $2.3million. During 2014, 2013, and 2012, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (the Company paid approximately $580,000, $564,000, and $561,000, respectively) Tj ET Q q 0 0 0 rg BT 378.18 454.10 Td (, in benefits per year under the non-qualified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (plans. It is anticipated that contributions to non-qualified plans will be approximately $664,000 for 2015. ) Tj ET Q q 0 0 0 rg BT 477.14 442.10 Td (At January31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (2015 , accumulated other comprehensive loss of approximately $22.7 million \($20.2 million net of tax\) is attributable to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (pension plans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.10 Td (The Company does not anticipate making any significant changes to the pension assumptions in the near future. If the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.10 Td (Company were to have used dif) Tj ET Q q 0 0 0 rg BT 176.73 385.10 Td (ferent assumptions in the fiscal year ended January31, 2015, a 1% reduction in investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.10 Td (return would have increased expense by approximately $170,000, a 1% change in the rate of compensation increase would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 361.10 Td (have no impact, and a 1% reduction in the discount rate would have increased expense by $433,000. ) Tj ET Q q 0 0 0 rg BT 453.21 361.10 Td (A) Tj ET Q q 0 0 0 rg BT 459.88 361.10 Td ( 1% reduction in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.10 Td (discount rate would have increased the pension benefit obligations by approximately $8.2million.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 323.60 Td (Stockholders' Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 302.60 Td (The Company's new credit facility with PNC Bank prohibits the Company from paying dividends and repurchasing any shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 290.60 Td (of its stock except in cases where a repurchase is financed by a substantially concurrent issuance of new shares of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.60 Td (Company's common stock. Consequently) Tj ET Q q 0 0 0 rg BT 217.53 278.60 Td (, commencing December22, 201) Tj ET Q q 0 0 0 rg BT 349.89 278.60 Td (1 and for at least as long as this covenant is included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.60 Td (in the Company's credit facility; no dividends will be paid by the Company to its stockholders. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.60 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 245.60 Td (irco issued a 10% stock dividend or 3/2 stock split every year beginning in 1982 through 2002. ) Tj ET Q q 0 0 0 rg BT 440.73 245.60 Td (Although the stock dividend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.60 Td (had no cash consequences to the Company) Tj ET Q q 0 0 0 rg BT 220.42 233.60 Td (, the accounting methodology required for 10% dividends has af) Tj ET Q q 0 0 0 rg BT 477.39 233.60 Td (fected the equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.60 Td (section of the balance sheet. ) Tj ET Q q 0 0 0 rg BT 167.27 221.60 Td (When the Company records a 10% stock dividend, 10% of the market capitalization of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.60 Td (Company on the date of the declaration is reclassified from retained earnings to additional paid-in capital. During the period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.60 Td (from 1982 through 2002, the cumulative ef) Tj ET Q q 0 0 0 rg BT 222.28 197.60 Td (fect of the stock dividends has been to reclassify over $122million from retained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 185.60 Td (earnings to additional paid-in capital. ) Tj ET Q q 0 0 0 rg BT 203.94 185.60 Td (The equity section of the balance sheet on January31, 2015 reflects additional paid-in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.60 Td (capital of approximately $1) Tj ET Q q 0 0 0 rg BT 159.87 173.60 Td (16million and accumulated deficit of approximately $75million. Other than the losses incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.60 Td (during 2003-2005, 2010-2013 the accumulated deficit is a result of the accounting reclassification, and is not the result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.60 Td (accumulated losses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 124.10 Td (Envir) Tj ET Q q 0 0 0 rg BT 74.27 124.10 Td (onmental and Contingent Liabilities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 103.10 Td (Environmental Compliance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 82.10 Td (irco is subject to numerous federal, state, and local environmental laws and regulations in the various jurisdictions in which it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (operates that \(a\)govern operations that may have adverse environmental ef) Tj ET Q q 0 0 0 rg BT 350.81 70.10 Td (fects, such as the dischar) Tj ET Q q 0 0 0 rg BT 449.76 70.10 Td (ge of materials into the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (environment, as well as handling, storage, transportation and disposal practices for solid and hazardous wastes, and \(b\)impose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (liability for response costs and certain damages resulting from past and current spills, disposals or other releases of hazardous ) Tj ET Q endstream endobj 77 0 obj <> endobj 78 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (materials. In this context, ) Tj ET Q q 0 0 0 rg BT 156.18 742.10 Td (V) Tj ET Q q 0 0 0 rg BT 162.80 742.10 Td (irco works diligently to remain in compliance with all such environmental laws and regulations as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (these af) Tj ET Q q 0 0 0 rg BT 80.63 730.10 Td (fect the Company's operations. Moreover) Tj ET Q q 0 0 0 rg BT 248.10 730.10 Td (, ) Tj ET Q q 0 0 0 rg BT 252.92 730.10 Td (V) Tj ET Q q 0 0 0 rg BT 259.54 730.10 Td (irco has enacted policies for recycling and resource recovery that have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (earned repeated commendations, including: recognition by the California Department of Resources Recycling and Recovery ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (\(CalRecycle\) in 201) Tj ET Q q 0 0 0 rg BT 130.16 706.10 Td (1 and 2010 as a ) Tj ET Q q 0 0 0 rg BT 194.68 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 203.32 706.10 Td (aste Reduction ) Tj ET Q q 0 0 0 rg BT 264.42 706.10 Td (A) Tj ET Q q 0 0 0 rg BT 270.72 706.10 Td (wards Program \(WRAP\) honoree; recognition by the United States ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Environmental Protection ) Tj ET Q q 0 0 0 rg BT 154.98 694.10 Td (Agency in 2003 as a ) Tj ET Q q 0 0 0 rg BT 238.95 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 247.58 694.10 Td (asteW) Tj ET Q q 0 0 0 rg BT 272.17 694.10 Td (ise Hall of Fame Charter Member) Tj ET Q q 0 0 0 rg BT 407.00 694.10 Td (, in 2002 as a ) Tj ET Q q 0 0 0 rg BT 462.37 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 471.01 694.10 Td (asteW) Tj ET Q q 0 0 0 rg BT 495.59 694.10 Td (ise Partner of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.35 682.10 Td (Y) Tj ET Q q 0 0 0 rg BT 70.57 682.10 Td (ear and in 2001 as a ) Tj ET Q q 0 0 0 rg BT 152.58 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 161.22 682.10 Td (asteW) Tj ET Q q 0 0 0 rg BT 185.80 682.10 Td (ise Program Champion for Lar) Tj ET Q q 0 0 0 rg BT 308.37 682.10 Td (ge Businesses; and recognition by the Sanitation Districts of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Los ) Tj ET Q q 0 0 0 rg BT 66.95 670.10 Td (Angeles County for compliance with industrial waste water dischar) Tj ET Q q 0 0 0 rg BT 336.14 670.10 Td (ge guidelines in 2007 through 2010. ) Tj ET Q q 0 0 0 rg BT 485.39 670.10 Td (This is only a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (partial list of ) Tj ET Q q 0 0 0 rg BT 103.42 658.10 Td (V) Tj ET Q q 0 0 0 rg BT 110.04 658.10 Td (irco's environmental awards and commendations; for a more complete list, go to www) Tj ET Q q 0 0 0 rg BT 454.71 658.10 Td (.virco.com and click on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (the Corporate Stewardship header) Tj ET Q q 0 0 0 rg BT 185.23 646.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (In addition to these awards and commendations, ) Tj ET Q q 0 0 0 rg BT 245.33 625.10 Td (V) Tj ET Q q 0 0 0 rg BT 251.95 625.10 Td (irco's ZUMA) Tj ET Q q 0 0 0 rg BT 304.58 625.10 Td ( and ZUMAfrd product lines were the first classroom furniture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (collections to earn indoor air quality certification through the stringent GREENGUARD Children& Schools Program, now ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (known as Greenguard Gold certification. ) Tj ET Q q 0 0 0 rg BT 215.50 601.10 Td (As a follow-up to the certification of ZUMA) Tj ET Q q 0 0 0 rg BT 393.52 601.10 Td ( and ZUMAfrd models in 2005, hundreds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (of other ) Tj ET Q q 0 0 0 rg BT 83.70 589.10 Td (V) Tj ET Q q 0 0 0 rg BT 90.32 589.10 Td (irco furniture items - including ) Tj ET Q q 0 0 0 rg BT 215.57 589.10 Td (Analogy furniture models and ) Tj ET Q q 0 0 0 rg BT 338.13 589.10 Td (T) Tj ET Q q 0 0 0 rg BT 343.54 589.10 Td (extameter instructor workstations - have earned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (GREENGUARD certification. Moreover) Tj ET Q q 0 0 0 rg BT 216.22 577.10 Td (, all ) Tj ET Q q 0 0 0 rg BT 233.54 577.10 Td (V) Tj ET Q q 0 0 0 rg BT 240.16 577.10 Td (irco products covered by the Consumer Product Safety Improvement ) Tj ET Q q 0 0 0 rg BT 517.59 577.10 Td (Act of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (2008 are in compliance with this legislation. ) Tj ET Q q 0 0 0 rg BT 231.91 565.10 Td (All af) Tj ET Q q 0 0 0 rg BT 254.78 565.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 281.52 565.10 Td (V) Tj ET Q q 0 0 0 rg BT 288.14 565.10 Td (irco models are also in compliance with the California ) Tj ET Q q 0 0 0 rg BT 507.24 565.10 Td (Air ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (Resources Board rule implemented on January1, 2009, concerning formaldehyde emissions from composite wood products. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.10 Td (Environmental laws have changed rapidly in recent years, and ) Tj ET Q q 0 0 0 rg BT 300.83 541.10 Td (V) Tj ET Q q 0 0 0 rg BT 307.46 541.10 Td (irco may be subject to more stringent environmental laws in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.10 Td (the future. ) Tj ET Q q 0 0 0 rg BT 95.91 529.10 Td (The Company has expended, and may be expected to continue to expend, significant amounts in the future for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 517.10 Td (compliance with environmental rules and regulations, for the investigation of environmental conditions, for the installation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.10 Td (environmental control equipment, or remediation of environmental contamination. Normal recurring expenses relating to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 493.10 Td (operating our factories in a manner that meets or exceeds environmental laws are matched to the cost of producing inventory) Tj ET Q q 0 0 0 rg BT 548.34 493.10 Td (. It ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.10 Td (is possible that the Company's operations may result in noncompliance with, or liability for remediation pursuant to, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.10 Td (environmental laws. Should such eventualities occur) Tj ET Q q 0 0 0 rg BT 262.60 469.10 Td (, the Company records liabilities for remediation costs when remediation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 457.10 Td (costs are probable and can be reasonably estimated. See Risk Factors : ) Tj ET Q q 0 0 0 rg BT 340.83 457.10 Td (W) Tj ET Q q 0 0 0 rg BT 349.47 457.10 Td (e could be required to incur substantial costs to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 445.10 Td (comply with environmental requirements. ) Tj ET Q q 0 0 0 rg BT 224.49 445.10 Td (V) Tj ET Q q 0 0 0 rg BT 231.11 445.10 Td (iolations of, and liabilities under) Tj ET Q q 0 0 0 rg BT 360.41 445.10 Td (, environmental laws and regulations may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.10 Td (increase our costs or require us to change our business practices.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (In 2014 and 2013, the Company was self-insured for product and general liability losses of up to $250,000 per occurrence, for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (workers' compensation losses up to $250,000 per occurrence, and for auto liability up to $50,000 per occurrence. In prior years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (the Company has been self-insured for workers' compensation, automobile, product, and general liability losses. ) Tj ET Q q 0 0 0 rg BT 503.45 388.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (has purchased insurance to cover losses in excess of the self-insured retention or deductible up to a limit of $30,000,000. For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (the insurance year beginning ) Tj ET Q q 0 0 0 rg BT 167.18 364.10 Td (April1, 2015, the Company will be self-insured for product and general liability losses up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td ($250,000 per occurrence, for workers' compensation losses up to $250,000 per occurrence, and for auto liability up to $50,000 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (per occurrence. In future years, the Company's exposure to self-insured retentions will vary depending upon the market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (conditions in the insurance industry and the availability of cost-ef) Tj ET Q q 0 0 0 rg BT 312.25 328.10 Td (fective insurance coverage.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (The Company has aggressively pursued a program to improve product quality) Tj ET Q q 0 0 0 rg BT 361.50 307.10 Td (, reduce product liability claims and losses, and to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (aggressively defend product liability cases. ) Tj ET Q q 0 0 0 rg BT 227.27 295.10 Td (This program has continued through 2014 and has resulted in reductions in product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.10 Td (liability claims and litigated product liability cases. In addition, the Company has active safety programs to improve plant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.10 Td (safety and control workers' compensation losses. Management does not anticipate that any related settlement, after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (consideration of the existing reserves for claims and potential insurance recovery) Tj ET Q q 0 0 0 rg BT 373.68 259.10 Td (, would have a material adverse ef) Tj ET Q q 0 0 0 rg BT 510.38 259.10 Td (fect on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (Company's financial position, results of operations, or cash flows.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 221.60 Td (Off-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 129.43 221.60 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.60 Td (The Company did not enter into any material of) Tj ET Q q 0 0 0 rg BT 240.88 200.60 Td (f-balance sheet arrangements during its 2014 fiscal year) Tj ET Q q 0 0 0 rg BT 464.00 200.60 Td (, nor did the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.60 Td (have any material of) Tj ET Q q 0 0 0 rg BT 131.72 188.60 Td (f-balance sheet arrangements outstanding at January31, 2015.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 164.60 Td (New ) Tj ET Q q 0 0 0 rg BT 70.83 164.60 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 132.59 164.60 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.60 Td (In May 2014, the Financial ) Tj ET Q q 0 0 0 rg BT 160.54 140.60 Td (Accounting Standards Board \("F) Tj ET Q q 0 0 0 rg BT 290.80 140.60 Td (ASB"\) issued ) Tj ET Q q 0 0 0 rg BT 347.11 140.60 Td (Accounting Standards Update No. 2014-09,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 525.14 140.60 Td (Revenue ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 128.60 Td (fr) Tj ET Q q 0 0 0 rg BT 56.30 128.60 Td (om Contracts with Customers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.98 128.60 Td (\("ASU 2014-09"\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 248.64 128.60 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.14 128.60 Td (an updated standard on revenue recognition) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 425.80 128.60 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.80 128.60 Td (This ) Tj ET Q q 0 0 0 rg BT 450.52 128.60 Td (ASU will supersede the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.60 Td (revenue recognition requirements in ) Tj ET Q q 0 0 0 rg BT 196.62 116.60 Td (Accounting Standards Codification ) Tj ET Q q 0 0 0 rg BT 340.02 116.60 Td (T) Tj ET Q q 0 0 0 rg BT 345.43 116.60 Td (opic 605,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 385.15 116.60 Td (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.83 116.60 Td (, and most industry-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.60 Td (specific guidance. ) Tj ET Q q 0 0 0 rg BT 126.64 104.60 Td (ASU 2014-09 provides enhancements to the quality and consistency of how revenue is reported while also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.60 Td (improving comparability in the financial statements of companies reporting using US GAAP) Tj ET Q q 0 0 0 rg BT 420.95 92.60 Td ( and International Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.60 Td (Reporting Standards. ) Tj ET Q q 0 0 0 rg BT 139.25 80.60 Td (The core principle of the new standard is for companies to recognize revenue to depict the transfer of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.60 Td (goods or services to customers in amounts that reflect the consideration to which the Company expects to be entitled in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 56.60 Td (exchange for those goods or services. In doing so the Company may be required to use more judgment and make more ) Tj ET Q endstream endobj 79 0 obj <> endobj 80 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (estimates than under current authoritative guidance. ) Tj ET Q q 0 0 0 rg BT 259.09 742.10 Td (ASU 2014-09 will be ef) Tj ET Q q 0 0 0 rg BT 355.01 742.10 Td (fective for the Company in the first quarter of fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (2017 and may be applied on a full retrospective or modified retrospective approach. ) Tj ET Q q 0 0 0 rg BT 388.03 730.10 Td (The Company is currently evaluating the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (impact the adoption of this standard will have on its consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.28 694.10 Td (August2014, the F) Tj ET Q q 0 0 0 rg BT 136.21 694.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 185.11 694.10 Td (ASU No.2014-15,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 263.16 694.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 272.79 694.10 Td (esentation of Financial Statements-Going Concern\(Subtopic ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (205-40\),Disclosur) Tj ET Q q 0 0 0 rg BT 125.18 682.10 Td (e of Uncertainties about an Entity) Tj ET Q q 0 0 0 rg BT 263.03 682.10 Td (s ) Tj ET Q q 0 0 0 rg BT 269.24 682.10 Td (Ability to Continue as a Going Concern.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.18 682.10 Td () Tj ET Q q 0 0 0 rg BT 433.50 682.10 Td (This standard sets forth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (management) Tj ET Q q 0 0 0 rg BT 103.87 670.10 Td (s responsibility to evaluate, each reporting period, whether there is substantial doubt about our ability to continue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (as a going concern, and if so, to provide related footnote disclosures. ) Tj ET Q q 0 0 0 rg BT 327.24 658.10 Td (The standard is ef) Tj ET Q q 0 0 0 rg BT 398.42 658.10 Td (fective for annual and interim reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (periods ending after December15, 2016. ) Tj ET Q q 0 0 0 rg BT 218.37 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 227.01 646.10 Td (e are currently evaluating this new standard and expect it to have no impact on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (financial position and results of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.60 Td (Item7A. Quantitative and Qualitative Disclosur) Tj ET Q q 0 0 0 rg BT 254.81 598.60 Td (es about Market Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.60 Td (The Company is subject to interest rate risk related to its seasonal borrowings used to finance additional inventory and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.60 Td (receivables. Rising interest rates may adversely af) Tj ET Q q 0 0 0 rg BT 252.52 565.60 Td (fect the Company's results of operations and cash flows related to its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.60 Td (variable-rate bank borrowings under its credit line with PNC. ) Tj ET Q q 0 0 0 rg BT 299.66 553.60 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 349.00 553.60 Td (, a 100 basis point upward fluctuation in PNC's base ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.60 Td (rate would have caused the Company to incur additional interest char) Tj ET Q q 0 0 0 rg BT 326.95 541.60 Td (ges of approximately $169,000 for the twelvemonths ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.60 Td (ended January31, 2015. ) Tj ET Q q 0 0 0 rg BT 152.29 529.60 Td (The Company would have benefited from a similar interest savings if the base rate were to have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 517.60 Td (fluctuated downward by a like amount.) 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Nevertheless, even with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.60 Td (these more flexible contracts, the Company does not have the ability to increase prices on orders received prior to any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.60 Td (announced price increases. Due to the intensely seasonal nature of its business, the Company may receive significant orders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.60 Td (during the first and second quarters for delivery in the second and third quarters. ) Tj ET Q q 0 0 0 rg BT 376.39 340.60 Td (W) Tj ET Q q 0 0 0 rg BT 385.42 340.60 Td (ith respect to any of the contracts described ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.60 Td (above, if the costs of raw materials increase suddenly or unexpectedly) Tj ET Q q 0 0 0 rg BT 329.53 328.60 Td (, the Company cannot be certain that it will be able to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.60 Td (implement corresponding increases in its sales prices in order to of) Tj ET Q q 0 0 0 rg BT 316.97 316.60 Td (fset such increased costs. Significant cost increases in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.60 Td (providing products during a given contract period can adversely impact operating results and have done so during prior years, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.60 Td (especially 2008, and 201) Tj ET Q q 0 0 0 rg BT 149.05 292.60 Td (1. ) Tj ET Q q 0 0 0 rg BT 158.87 292.60 Td (The Company typically benefits from any decreases in raw material costs under the contracts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.60 Td (described above.) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 50.00 260.20 Td () Tj ET Q endstream endobj 81 0 obj <><><><><><><><><><><><><><><><><><>] /Rotate 0 /Contents 82 0 R>> endobj 82 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (39) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item8. 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BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 281.62 Td (81,811) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 281.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 281.62 Td (83,344) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 256.45 Td (See accompanying notes.) 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j 3 M 428.5 500.95 m 493.5 500.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 498.95 m 493.5 498.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 500.95 m 562.5 500.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 498.95 m 562.5 498.95 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 691.90 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.10 692.03 Td (Year ended January31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 672.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.50 672.18 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 672.18 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 672.18 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.30 658.18 Td (\(In thousands, except per share data\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 644.52 Td (Net sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 644.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 644.52 Td (164,052) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 644.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 644.52 Td (155,042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 644.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 644.52 Td (157,913) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 630.52 Td (Costs of goods sold) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 630.52 Td (108,654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 630.52 Td (102,488) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 630.52 Td (107,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 616.52 Td (Gross profit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 616.52 Td (55,398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 616.52 Td (52,554) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 616.52 Td (50,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 602.52 Td (Selling, general and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 602.52 Td (52,741) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 602.52 Td (52,587) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 602.52 Td (52,369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 588.52 Td (Gain on sale of property, plant & equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.30 588.57 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 588.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 588.57 Td (\(10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 588.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 588.57 Td (\(37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 588.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 574.52 Td (Restructuring expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 574.52 Td (287) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 574.52 Td (1,408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 574.52 Td (760) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 560.52 Td (Operating income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 560.52 Td (2,372) Tj ET Q 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518.52 Td (Income tax expense \(benefit\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 518.52 Td (69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 518.57 Td (\(1,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 518.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 518.57 Td (\(209) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 518.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 504.52 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 504.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 504.52 Td (849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 504.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 504.57 Td (\(1,730) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 504.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 504.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 504.57 Td (\(3,830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 504.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 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BT 489.65 448.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 448.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 448.57 Td (\(0.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 448.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 434.52 Td (Weighted average shares outstanding:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 420.52 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 420.52 Td (14,756) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 420.52 Td (14,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 420.52 Td (14,387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 406.52 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 406.52 Td (14,987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 406.52 Td (14,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 406.52 Td (14,387) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.45 Td (_______________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.45 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 378.45 Td (Net loss per share for fiscal years 2013 and 2012 were calculated based on basic shares outstanding due to the anti-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 366.45 Td (dilutive ef) Tj ET Q q 0 0 0 rg BT 117.64 366.45 Td (fect on the inclusion of common stock equivalent shares.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 345.45 Td (See accompanying notes.) Tj ET Q endstream endobj 93 0 obj <> endobj 94 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.00 742.25 Td (V) Tj ET Q q 0 0 0 rg BT 261.85 742.25 Td (ir) Tj ET Q q 0 0 0 rg BT 268.89 742.25 Td (co Mfg. 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l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 507.95 m 439.5 507.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 507.95 m 505.5 507.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 507.95 m 562.5 507.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 437.95 m 271.5 437.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 437.95 m 325.5 437.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 437.95 m 382.5 437.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 437.95 m 439.5 437.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 437.95 m 505.5 437.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 437.95 m 562.5 437.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 424.95 m 271.5 424.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 422.95 m 271.5 422.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 424.95 m 325.5 424.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 422.95 m 325.5 422.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 424.95 m 382.5 424.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 422.95 m 382.5 422.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 424.95 m 439.5 424.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 422.95 m 439.5 422.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 424.95 m 505.5 424.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 422.95 m 505.5 422.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 424.95 m 562.5 424.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 422.95 m 562.5 422.95 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 245.15 689.18 Td (Common Stock) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 652.18 Td (In thousands, except share data) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 233.00 652.18 Td (Shares) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 285.95 652.18 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.25 668.18 Td (Additional) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.05 660.18 Td (Paid-in) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.80 652.18 Td (Capital) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 389.80 660.18 Td (Accumulated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.15 652.18 Td (Deficit) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.30 676.18 Td (Accumulated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.85 668.18 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.40 660.18 Td (Compr) Tj ET Q q 0 0 0 rg BT 471.70 660.18 Td (ehensive) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.20 652.18 Td (Loss) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.75 668.18 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.15 660.18 Td (Stockholder's) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.90 652.18 Td (Equity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 639.21 Td (Balance at January31, 2012) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 227.50 638.41 Td (14,354,046) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 638.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.50 638.41 Td (144) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 332.00 638.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 349.75 638.41 Td (115,060) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.00 638.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.25 638.41 Td (\(68,980) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.00 638.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.00 638.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.25 638.41 Td (\(15,328) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.00 638.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 638.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 638.41 Td (30,896) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 625.21 Td (Net loss) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.00 624.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.00 624.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.00 624.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.75 624.41 Td (\(3,830) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.00 624.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.00 624.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 624.41 Td (\(3,830) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 624.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 611.21 Td (Pension adjustments, net of tax effect $0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.00 610.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.00 610.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.00 610.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 610.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.50 610.41 Td (\(658) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.00 610.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.50 610.41 Td (\(658) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 610.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 597.21 Td (Shares vested) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 238.75 596.41 Td (196,325) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 317.50 596.41 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 367.00 596.41 Td (\(88) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 596.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 596.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.00 596.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.00 596.41 Td (\(86) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 596.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 583.21 Td (Stock compensation expense) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.00 582.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.00 582.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.50 582.41 Td (698) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 582.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.00 582.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 582.41 Td (698) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 569.21 Td (Balance at January31, 2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 227.50 568.41 Td (14,550,371) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 568.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.50 568.41 Td (146) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 332.00 568.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 349.75 568.41 Td (115,670) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.00 568.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.25 568.41 Td (\(72,810) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.00 568.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.00 568.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.25 568.41 Td (\(15,986) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.00 568.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 568.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 568.41 Td (27,020) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 555.21 Td (Net loss) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.00 554.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.00 554.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.00 554.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.75 554.41 Td (\(1,730) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.00 554.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.00 554.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 554.41 Td (\(1,730) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 554.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 541.21 Td (Pension adjustments, net of tax effect $1,078) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.00 540.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.00 540.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.00 540.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 540.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.75 540.41 Td (2,006) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 540.41 Td (2,006) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 527.21 Td (Shares vested and others) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 238.75 526.41 Td (168,043) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 317.50 526.41 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.50 526.41 Td (\(215) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 526.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 526.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.00 526.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.50 526.41 Td (\(214) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 526.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 513.21 Td (Stock compensation expense) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.00 512.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.00 512.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.50 512.41 Td (523) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 512.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.00 512.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 512.41 Td (523) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 499.21 Td (Balance at January31, 2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 227.50 498.41 Td (14,718,414) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 498.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.50 498.41 Td (147) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 332.00 498.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 349.75 498.41 Td (115,978) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.00 498.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.25 498.41 Td (\(74,540) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.00 498.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.00 498.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.25 498.41 Td (\(13,980) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.00 498.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 498.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 498.41 Td (27,605) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 485.21 Td (Net income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.00 484.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.00 484.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.00 484.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.50 484.41 Td (849) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.00 484.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 484.41 Td (849) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 471.21 Td (Pension adjustments , net of tax effect of $0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.00 470.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.00 470.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 370.00 470.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 470.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.75 470.41 Td (\(6,254) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.00 470.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 470.41 Td (\(6,254) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 470.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 457.21 Td (Shares vested and others) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 238.75 456.41 Td (134,226) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 317.50 456.41 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.50 456.41 Td (\(132) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 379.00 456.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.50 456.41 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.00 456.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.50 456.41 Td (\(129) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 456.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 443.21 Td (Stock compensation expense) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.00 442.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.00 442.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 365.50 442.41 Td (502) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 442.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.00 442.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 442.41 Td (502) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 429.21 Td (Balance at January31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 227.50 428.41 Td (14,852,640) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 278.00 428.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.50 428.41 Td (149) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 332.00 428.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 349.75 428.41 Td (116,348) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.00 428.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.25 428.41 Td (\(73,690) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 436.00 428.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.00 428.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.25 428.41 Td (\(20,234) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.00 428.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 428.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 428.41 Td (22,573) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 403.45 Td (See accompanying notes.) Tj ET Q endstream endobj 97 0 obj <> endobj 98 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (47) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.00 742.25 Td (V) Tj ET Q q 0 0 0 rg BT 261.85 742.25 Td (ir) Tj ET Q q 0 0 0 rg BT 268.89 742.25 Td (co Mfg. Corporation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.80 721.25 Td (Consolidated Statements of Cash Flows) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 710.45 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 655.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 655.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 655.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 655.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 655.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 655.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 627.95 309.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 627.95 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 627.95 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 627.95 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 627.95 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 627.95 65.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 590.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 590.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 590.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 590.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 590.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 590.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 562.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 562.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 562.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 562.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 562.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 562.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 534.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 534.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 534.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 534.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 534.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 534.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 506.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 506.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 506.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 506.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 506.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 506.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 478.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 478.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 478.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 478.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 478.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 478.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 450.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 450.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 450.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 450.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 450.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 450.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 422.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 422.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 422.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 422.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 422.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 422.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 394.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 394.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 394.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 394.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 394.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 394.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 366.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 366.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 366.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 366.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 366.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 366.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 338.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 338.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 338.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 338.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 338.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 338.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 310.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 310.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 310.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 310.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 310.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 310.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 282.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 282.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 282.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 282.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 282.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 282.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 254.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 254.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 254.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 254.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 254.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 254.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 231.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 231.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 231.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 231.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 231.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 231.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 203.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 203.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 203.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 203.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 203.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 203.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 175.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 175.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 175.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 175.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 175.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 175.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 147.95 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 147.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 147.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 147.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 147.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 147.95 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 667.95 m 424.5 667.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 667.95 m 493.5 667.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 667.95 m 562.5 667.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 408.95000000000005 m 424.5 408.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 408.95000000000005 m 493.5 408.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 408.95000000000005 m 562.5 408.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 338.95000000000005 m 424.5 338.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 338.95000000000005 m 493.5 338.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 338.95000000000005 m 562.5 338.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 254.95000000000005 m 424.5 254.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 254.95000000000005 m 493.5 254.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 254.95000000000005 m 562.5 254.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 203.95000000000005 m 424.5 203.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 190.95000000000005 m 424.5 190.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 188.95000000000005 m 424.5 188.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 203.95000000000005 m 493.5 203.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 190.95000000000005 m 493.5 190.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 188.95000000000005 m 493.5 188.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 203.95000000000005 m 562.5 203.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 190.95000000000005 m 562.5 190.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 188.95000000000005 m 562.5 188.95000000000005 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 672.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.20 692.03 Td (Year Ended January31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.50 672.18 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 672.18 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 672.18 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.70 660.03 Td (\(In thousands\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 647.21 Td (Operating activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 633.21 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.00 632.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.15 632.41 Td (849) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 632.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.75 632.41 Td (\(1,730) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 632.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 632.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 632.41 Td (\(3,830) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 632.41 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 619.35 Td (Adjustments to reconcile net income \(loss\) to net cash provided by \(used in\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 610.35 Td (operating activities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 596.21 Td (Depreciation and amortization) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.40 595.41 Td (4,408) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 595.41 Td (4,209) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 595.41 Td (4,368) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 582.21 Td (Increase \(decrease\) in provision for doubtful accounts) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.15 581.41 Td (115) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.50 581.41 Td (\(6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 581.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.00 581.41 Td (\(75) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 581.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 568.21 Td (Gain on sale of property, plant and equipment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.15 567.41 Td (\(2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.65 567.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.00 567.41 Td (\(10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 567.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.00 567.41 Td (\(37) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 567.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 554.21 Td (Deferred income taxes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.65 553.41 Td (34) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 553.41 Td (97) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 553.41 Td (66) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 540.21 Td (Stock-based compensation) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.15 539.41 Td (502) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.50 539.41 Td (523) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 539.41 Td (698) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 526.21 Td (Defined benefit Plan, recognized net gain \(loss\) due to settlements and curtailments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.65 525.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.50 525.41 Td (924) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 525.41 Td (760) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 512.21 Td (Amortization of net actuarial loss for pension plans) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.40 511.41 Td (1,283) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 511.41 Td (1,548) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 511.41 Td (1,629) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 498.35 Td (Changes in operating assets and liabilities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 484.21 Td (Trade accounts receivable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.40 483.41 Td (\(2,261) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.65 483.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.50 483.41 Td (376) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 483.41 Td (4,057) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 470.21 Td (Other receivables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.15 469.41 Td (9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 469.41 Td (56) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 469.41 Td (293) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 456.21 Td (Inventories) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.40 455.41 Td (1,101) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.75 455.41 Td (\(2,464) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 455.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 455.41 Td (2,475) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 442.21 Td (Income taxes) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.15 441.41 Td (\(4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.65 441.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.50 441.41 Td (\(105) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 441.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.50 441.41 Td (\(930) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 441.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 428.21 Td (Prepaid expenses and other current assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.15 427.41 Td (915) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.00 427.41 Td (\(58) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 427.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 427.41 Td (567) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 414.21 Td (Accounts payable and accrued liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.40 413.41 Td (\(5,290) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.65 413.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.75 413.41 Td (\(3,603) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 413.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 413.41 Td (\(2,781) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 413.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 400.21 Td (Net cash provided by \(used in\) operating activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.40 399.41 Td (1,659) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.50 399.41 Td (\(243) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 399.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 399.41 Td (7,260) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 386.35 Td (Investing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 372.21 Td (Capital expenditures) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.40 371.41 Td (\(3,314) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.65 371.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.75 371.41 Td (\(3,632) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 371.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 371.41 Td (\(2,050) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 371.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 358.21 Td (Proceeds from sale of property, plant and equipment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.15 357.41 Td (2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 357.41 Td (19) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 357.41 Td (53) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 344.21 Td (Net investment in life insurance) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.65 343.41 Td (\(70) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.65 343.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.00 343.41 Td (\(25) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 343.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 343.41 Td (244) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 330.21 Td (Net cash \(used in\) provided by investing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.40 329.41 Td (\(3,382) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.65 329.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.75 329.41 Td (\(3,638) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 329.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 329.41 Td (\(1,753) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 329.41 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 316.35 Td (Financing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 302.21 Td (Proceeds from long-term debt) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.90 301.41 Td (33,750) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.25 301.41 Td (28,851) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 301.41 Td (28,422) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 288.21 Td (Repayment of long-term debt) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.90 287.41 Td (\(32,479) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.65 287.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.25 287.41 Td (\(24,656) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 287.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 287.41 Td (\(35,876) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 287.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 274.21 Td (Common stock repurchased) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.15 273.41 Td (\(129) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.65 273.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 473.50 273.41 Td (\(116) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 273.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.00 273.41 Td (\(97) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 273.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 260.21 Td (Cash dividend paid) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.65 259.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 259.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 259.41 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 246.21 Td (Net cash provided by \(used in\) financing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.40 245.41 Td (1,142) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 245.41 Td (4,079) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 245.41 Td (\(7,551) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 245.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 223.21 Td (Net \(decrease\) increase in cash) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.15 222.41 Td (\(581) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.65 222.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.50 222.41 Td (198) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 222.41 Td (\(2,044) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 222.41 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 209.21 Td (Cash at beginning of year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.40 208.41 Td (1,051) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.50 208.41 Td (853) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 208.41 Td (2,897) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 195.21 Td (Cash at end of year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.00 194.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 407.15 194.41 Td (470) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 194.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 194.41 Td (1,051) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 194.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 194.41 Td (853) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 181.21 Td (Supplemental disclosures of cash flow information) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 167.21 Td (Cash paid during the year for:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 153.21 Td (Interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.00 152.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.40 152.41 Td (1,454) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 431.00 152.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 469.75 152.41 Td (1,302) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 152.41 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 152.41 Td (1,556) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 139.21 Td (Income tax, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.65 138.41 Td (46) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 481.00 138.41 Td (74) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 138.41 Td (12) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 108.45 Td (See accompanying notes.) Tj ET Q endstream endobj 99 0 obj <> endobj 100 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (48) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.20 742.25 Td (VIRCO MFG. CORPORA) Tj ET Q q 0 0 0 rg BT 350.17 742.25 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.20 721.25 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.45 700.25 Td (January31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 679.25 Td (1. Summary of Business and Significant ) Tj ET Q q 0 0 0 rg BT 221.43 679.25 Td (Accounting Policies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.25 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 637.25 Td (irco Mfg. Corporation \(the Company\), which operates in one business segment, is engaged in the design, production and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.25 Td (distribution of quality furniture for the commercial and education markets. Over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.23 625.25 Td (65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.23 625.25 Td (years of manufacturing operations have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.25 Td (resulted in a wide product assortment. Major products include mobile tables, mobile storage equipment, desks, computer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.25 Td (furniture, chairs, activity tables, folding chairs and folding tables. ) Tj ET Q q 0 0 0 rg BT 313.91 601.25 Td (The Company manufactures its products in ) Tj ET Q q 0 0 0 rg BT 488.69 601.25 Td (T) Tj ET Q q 0 0 0 rg BT 494.10 601.25 Td (orrance, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.25 Td (California, and Conway) Tj ET Q q 0 0 0 rg BT 145.16 589.25 Td (, ) Tj ET Q q 0 0 0 rg BT 149.61 589.25 Td (Arkansas, for sale primarily in the United States.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (The Company operates in a seasonal business, and requires significant amounts of working capital under its credit facility to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (fund acquisitions of inventory and finance receivables during the summer delivery season. Restrictions imposed by the terms of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (the Company) Tj ET Q q 0 0 0 rg BT 106.38 544.25 Td (s credit facility may limit the Company) Tj ET Q q 0 0 0 rg BT 266.35 544.25 Td (s operating and financial flexibility) Tj ET Q q 0 0 0 rg BT 406.21 544.25 Td (. However) Tj ET Q q 0 0 0 rg BT 447.46 544.25 Td (, management believes that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (its existing cash and available borrowings under its credit facility) Tj ET Q q 0 0 0 rg BT 310.11 532.25 Td (, and any cash generated from operations will be suf) Tj ET Q q 0 0 0 rg BT 518.75 532.25 Td (ficient to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.25 Td (fund its working capital requirements, capital expenditures and other obligations through the next 12months.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 494.25 Td (Principles of Consolidation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 473.25 Td (The consolidated financial statements include the accounts of ) Tj ET Q q 0 0 0 rg BT 298.07 473.25 Td (V) Tj ET Q q 0 0 0 rg BT 304.69 473.25 Td (irco Mfg. Corporation and its wholly owned subsidiaries. ) Tj ET Q q 0 0 0 rg BT 535.77 473.25 Td (All ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 461.25 Td (material intercompany balances and transactions have been eliminated in consolidation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 435.25 Td (Management Use of Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 414.25 Td (Preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 402.25 Td (make estimates and assumptions. ) Tj ET Q q 0 0 0 rg BT 185.07 402.25 Td (These estimates and assumptions af) Tj ET Q q 0 0 0 rg BT 327.64 402.25 Td (fect the reported amounts of assets and liabilities - and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.25 Td (disclosure of contingent assets and liabilities - at the date of the financial statements, as well as the reported amounts of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.25 Td (revenues and expenses during the reporting period. Significant estimates made by management include, but are not limited to, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.25 Td (valuation of inventory; deferred tax assets and liabilities; useful lives of property) Tj ET Q q 0 0 0 rg BT 372.31 366.25 Td (, plant, and equipment; liabilities under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.25 Td (pension, warranty) Tj ET Q q 0 0 0 rg BT 121.00 354.25 Td (, self-insurance, and environmental claims, revenue recognition; and the accounts receivable allowance for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.25 Td (doubtful accounts. ) Tj ET Q q 0 0 0 rg BT 125.82 342.25 Td (Actual results could dif) Tj ET Q q 0 0 0 rg BT 219.23 342.25 Td (fer from these estimates.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (Fiscal ) Tj ET Q q 0 0 0 rg BT 77.12 316.25 Td (Y) Tj ET Q q 0 0 0 rg BT 83.24 316.25 Td (ear) Tj ET Q q 0 0 0 rg BT 96.93 316.25 Td ( End) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.25 Td (Fiscal years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.99 295.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.99 295.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.99 295.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.99 295.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.42 295.25 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.42 295.25 Td (, refer to the fiscal years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.92 295.25 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.52 295.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.52 295.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.52 295.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.95 295.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.95 295.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 495.62 295.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 269.25 Td (Concentration of Cr) Tj ET Q q 0 0 0 rg BT 136.47 269.25 Td (edit Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.25 Td (Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of accounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.25 Td (receivable. ) Tj ET Q q 0 0 0 rg BT 95.90 236.25 Td (The Company performs ongoing credit evaluations of its customers and maintains allowances for potential credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.25 Td (losses. Sales to the Company) Tj ET Q q 0 0 0 rg BT 169.16 224.25 Td (s recurring customers are generally made on open account with terms consistent with the industry) Tj ET Q q 0 0 0 rg BT 558.96 224.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.25 Td (Credit is extended based on an evaluation of the customer) Tj ET Q q 0 0 0 rg BT 281.69 212.25 Td () Tj ET Q q 0 0 0 rg BT 284.47 212.25 Td (s financial condition and payment history) Tj ET Q q 0 0 0 rg BT 449.61 212.25 Td (. Past due accounts are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.25 Td (determined based on how recently payments have been made in relation to the terms granted. ) Tj ET Q q 0 0 0 rg BT 424.87 200.25 Td (Amounts are written of) Tj ET Q q 0 0 0 rg BT 517.72 200.25 Td (f against ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.25 Td (the allowance in the period that the Company determines that the receivable is not collectable. ) Tj ET Q q 0 0 0 rg BT 429.13 188.25 Td (The Company purchases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.25 Td (insurance on receivables from certain commercial customers to minimize the Company) Tj ET Q q 0 0 0 rg BT 402.10 176.25 Td (s credit risk. ) Tj ET Q q 0 0 0 rg BT 453.57 176.25 Td (The Company does not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.25 Td (typically obtain collateral to secure credit risk. Customers with inadequate credit are required to provide cash in advance or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.25 Td (letters of credit. ) Tj ET Q q 0 0 0 rg BT 115.35 152.25 Td (The Company does not assess interest on receivable balances. ) Tj ET Q q 0 0 0 rg BT 364.72 152.25 Td (A) Tj ET Q q 0 0 0 rg BT 371.39 152.25 Td ( substantial percentage of the Company) Tj ET Q q 0 0 0 rg BT 532.17 152.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.25 Td (receivables come from low-risk government entities. No customer exceeded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.11 140.25 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.44 140.25 Td ( of the Company) Tj ET Q q 0 0 0 rg BT 445.15 140.25 Td (s sales for each of the three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.25 Td (years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.98 128.25 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.57 128.25 Td (. Foreign sales were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.31 128.25 Td (7.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.14 128.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.14 128.25 Td (7.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.97 128.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.41 128.25 Td (10.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.24 128.25 Td ( of the Company) Tj ET Q q 0 0 0 rg BT 472.95 128.25 Td (s sales for fiscal years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 116.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 116.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 116.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.44 116.25 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.44 116.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 187.10 116.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.25 Td (No single customer accounted for more than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.22 95.25 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.55 95.25 Td ( of the Company) Tj ET Q q 0 0 0 rg BT 318.26 95.25 Td (s accounts receivable at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.43 95.25 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.03 95.25 Td ( or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.36 95.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.36 95.25 Td (. Because ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.25 Td (of the short time between shipment and collection, the net carrying value of receivables approximates the fair value for these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.25 Td (assets.) Tj ET Q endstream endobj 101 0 obj <> endobj 102 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (49) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Fair) Tj ET Q q 0 0 0 rg BT 68.14 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 70.46 742.25 Td (V) Tj ET Q q 0 0 0 rg BT 76.77 742.25 Td (alues of Financial Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 721.25 Td (The fair values of the Company) Tj ET Q q 0 0 0 rg BT 179.68 721.25 Td (s cash, accounts receivable, and accounts payable approximate their carrying amounts due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (their short-term nature.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.25 Td (Financial assets and liabilities measured at fair value on a recurring basis are classified in one of the three following categories, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.25 Td (which are described below:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 655.25 Td (Level 1 ) Tj ET Q q 0 0 0 rg BT 107.08 655.25 Td (V) Tj ET Q q 0 0 0 rg BT 113.20 655.25 Td (aluations based on unadjusted quoted prices for identical assets in an active market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 634.25 Td (Level 2 ) Tj ET Q q 0 0 0 rg BT 107.08 634.25 Td (V) Tj ET Q q 0 0 0 rg BT 113.20 634.25 Td (aluations based on quoted prices in markets where trading occurs infrequently or whose values are based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (quoted prices of instruments with similar attributes in active markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 601.25 Td (Level 3 ) Tj ET Q q 0 0 0 rg BT 107.08 601.25 Td (V) Tj ET Q q 0 0 0 rg BT 113.20 601.25 Td (aluations based on inputs that are unobservable and involve management judgment and our own assumptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.25 Td (about market participants and pricing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (Financial assets measured at fair value on a recurring basis include assets associated with the ) Tj ET Q q 0 0 0 rg BT 423.86 568.25 Td (V) Tj ET Q q 0 0 0 rg BT 430.48 568.25 Td (irco Employees Retirement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (Plan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 530.25 Td (Inventories) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 509.25 Td (Inventory is valued at the lower of cost or market \(determined on a first-in, first-out basis\) and includes material, labor) Tj ET Q q 0 0 0 rg BT 523.62 509.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 497.25 Td (factory overhead. ) Tj ET Q q 0 0 0 rg BT 122.28 497.25 Td (The Company maintains allowances for estimated slow moving and obsolete inventory to reflect the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 485.25 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 485.25 Td (ference between the cost of inventory and the estimated market value. ) Tj ET Q q 0 0 0 rg BT 342.48 485.25 Td (Allowances for slow moving and obsolete inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 473.25 Td (are determined through a physical inspection of the product in connection with a physical inventory) Tj ET Q q 0 0 0 rg BT 448.13 473.25 Td (, a review of slow-moving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 461.25 Td (product, and consideration of active marketing programs. ) Tj ET Q q 0 0 0 rg BT 281.69 461.25 Td (The market for education furniture is traditionally driven by value, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.25 Td (not style, and the Company has not typically incurred significant obsolescence expenses. If market conditions are less favorable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 437.25 Td (than those anticipated by management, additional allowances may be required. Due to reductions in sales volume in the past ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 425.25 Td (years, the Company) Tj ET Q q 0 0 0 rg BT 132.48 425.25 Td (s manufacturing facilities are operating at reduced levels of capacity) Tj ET Q q 0 0 0 rg BT 404.76 425.25 Td (. ) Tj ET Q q 0 0 0 rg BT 409.58 425.25 Td (The Company records the cost of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 413.25 Td (excess capacity as a period expense, not as a component of capitalized inventory valuation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 387.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.37 387.25 Td (operty) Tj ET Q q 0 0 0 rg BT 87.58 387.25 Td (, Plant and Equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.25 Td (Property) Tj ET Q q 0 0 0 rg BT 83.79 366.25 Td (, plant and equipment are stated at cost, less accumulated depreciation. Depreciation and amortization are computed on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.25 Td (the straight-line method for financial reporting purposes based upon the following estimated useful lives:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 343.75 338.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 343.75 174.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 313.75 338.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 313.75 174.00 -15.00 re f /GS0 gs BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 334.32 Td (Land improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 333.42 Td (5to25years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 319.32 Td (Buildings and building improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 318.42 Td (5 to 40years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 304.32 Td (Machinery and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 303.42 Td (3 to 10years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 289.32 Td (Leasehold improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 288.42 Td (shorterofleaseorusefullife) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.25 Td (The Company did not capitalize interest costs as part of the acquisition cost of property) Tj ET Q q 0 0 0 rg BT 398.70 263.25 Td (, plant and equipment for the years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 251.25 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.98 251.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.98 251.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.98 251.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.41 251.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.41 251.25 Td (. ) Tj ET Q q 0 0 0 rg BT 214.23 251.25 Td (The Company capitalizes the cost of significant repairs that extend the life of an asset. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.25 Td (Repairs and maintenance that do not extend the life of an asset are expensed as incurred. Repair and maintenance expense was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.25 Td ($1,616,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 227.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.00 227.25 Td ($1,691,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.00 227.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.44 227.25 Td ($1,681,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.44 227.25 Td ( for fiscal years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.23 227.25 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.83 227.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.83 227.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.83 227.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.27 227.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.27 227.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 485.93 227.25 Td (. Depreciation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.25 Td (and amortization expense was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.73 215.25 Td ($4,408,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.73 215.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.73 215.25 Td ($4,209,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.73 215.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.17 215.25 Td ($4,368,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.17 215.25 Td ( for the fiscal years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.68 215.25 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.28 215.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.28 215.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.28 215.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 203.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 122.66 203.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.25 Td (The Company subleased space at one of its facilities on a month-to-month basis during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.48 182.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.48 182.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.48 182.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.48 182.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.92 182.25 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.92 182.25 Td (. Rental income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.05 170.25 Td ($40,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.55 170.25 Td ( for fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.37 170.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.37 170.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.37 170.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.37 170.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.31 170.25 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.31 170.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.25 Td (The Company has established asset retirement obligations related to leased manufacturing facilities in accordance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 89.16 137.25 Td (Accounting Standards Board \(F) Tj ET Q q 0 0 0 rg BT 215.34 137.25 Td (ASB\) ) Tj ET Q q 0 0 0 rg BT 240.07 137.25 Td (Accounting Standard Codification \(ASC\) ) Tj ET Q q 0 0 0 rg BT 408.20 137.25 Td (T) Tj ET Q q 0 0 0 rg BT 413.61 137.25 Td (opic 410, Asset Retirement and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.25 Td (Environmental Obligations. ) Tj ET Q q 0 0 0 rg BT 167.48 125.25 Td (Accrued asset retirement obligations are recorded at net present value and discounted over the life ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.25 Td (of the lease. ) Tj ET Q q 0 0 0 rg BT 99.98 113.25 Td (Asset retirement obligations, included in other non-current liabilities were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.78 113.25 Td ($572,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.28 113.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.72 113.25 Td ($563,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.22 113.25 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.44 113.25 Td (January31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 101.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.44 101.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.44 101.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 162.10 101.25 Td (.) Tj ET Q endstream endobj 103 0 obj <> endobj 104 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (50) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 724.50 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 724.50 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 724.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 724.50 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 696.50 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 696.50 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 696.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 696.50 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 724.5 m 493.5 724.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 724.5 m 562.5 724.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 682.5 m 493.5 682.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 669.5 m 493.5 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 667.5 m 493.5 667.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 682.5 m 562.5 682.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 669.5 m 562.5 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 667.5 m 562.5 667.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 740.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.75 740.58 Td (January31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 728.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 728.58 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 728.58 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 715.07 Td (Balance at beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 715.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 715.07 Td (563,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 715.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 715.07 Td (554,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 701.07 Td (Decrease in obligation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 701.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 701.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 687.07 Td (Accretion expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 687.07 Td (9,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 687.07 Td (9,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 673.07 Td (Balance at end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 673.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 673.07 Td (572,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 673.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 673.07 Td (563,000) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 643.00 Td (Impairment of Long-Lived ) Tj ET Q q 0 0 0 rg BT 166.95 643.00 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.00 Td (An impairment loss is recognized in the event facts and circumstances indicate the carrying amount of a long-lived asset may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.00 Td (not be recoverable, and an estimate of future undiscounted cash flows is less than the carrying amount of the asset. Impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.00 Td (is recorded based on the excess of the carrying amount of the impaired asset over the fair value. Generally) Tj ET Q q 0 0 0 rg BT 473.91 598.00 Td (, fair value represents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.00 Td (the Company) Tj ET Q q 0 0 0 rg BT 106.38 586.00 Td (s expected future cash flows from the use of an asset or group of assets, discounted at a rate commensurate with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.00 Td (the risks involved. ) Tj ET Q q 0 0 0 rg BT 128.42 574.00 Td (There were no impairments in fiscal years 2014, 2013 and 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 548.00 Td (Net Income \(Loss\) per) Tj ET Q q 0 0 0 rg BT 144.52 548.00 Td ( Shar) Tj ET Q q 0 0 0 rg BT 167.40 548.00 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.00 Td (Basic net income \(loss\) per share is calculated by dividing net income \(loss\) by the weighted-average number of common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.00 Td (shares outstanding. Diluted net income \(loss\) per share is calculated by dividing net income \(loss\) by the weighted-average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.00 Td (number of common shares outstanding plus the dilution ef) Tj ET Q q 0 0 0 rg BT 283.12 503.00 Td (fect of stock grants. ) Tj ET Q q 0 0 0 rg BT 364.30 503.00 Td (The following table sets forth the computation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.00 Td (basic and diluted income \(loss\) per share:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 459.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 459.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 459.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 459.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 459.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 459.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 429.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 429.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 429.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 429.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 429.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 429.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 399.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 399.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 399.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 399.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 399.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 399.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 369.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 369.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 369.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 369.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 369.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 369.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 339.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 339.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 339.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 339.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 339.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 339.50 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 459.5 m 359.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 459.5 m 424.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 459.5 m 428.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 459.5 m 493.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 459.5 m 497.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 459.5 m 562.5 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 384.5 m 424.5 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 384.5 m 493.5 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 384.5 m 562.5 384.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 463.73 Td (In thousands, except per share data) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.50 463.73 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 463.73 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 463.73 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 450.07 Td (Numerator) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 435.07 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 434.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 434.17 Td (849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 434.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 434.22 Td (\(1,730) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 434.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 434.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 434.22 Td (\(3,830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 434.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 420.07 Td (Denominator) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 405.07 Td (Weighted-average shares basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 404.17 Td (14,756) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 404.17 Td (14,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 404.17 Td (14,387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 390.07 Td (Dilutive effect of equity incentive plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 389.17 Td (231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 389.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 389.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 375.07 Td (Weighted-average shares diluted \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 374.17 Td (14,987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 374.17 Td (14,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 374.17 Td (14,387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 360.07 Td (Net income \(loss\) per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 345.07 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 344.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 344.17 Td (0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 344.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 344.22 Td (\(0.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 344.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 344.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 344.22 Td (\(0.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 344.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 330.07 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 329.17 Td (0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 329.22 Td (\(0.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 329.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 329.22 Td (\(0.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 329.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.00 Td (___________________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.00 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 301.00 Td (For fiscal years 2013 and 2012, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.84 301.00 Td (180,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.34 301.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.78 301.00 Td (1) Tj ET Q q 0 0 0 rg BT 322.41 301.00 Td (19,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.91 301.00 Td ( shares of common stock equivalents, respectively) Tj ET Q q 0 0 0 rg BT 550.04 301.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 289.00 Td (were excluded in the computation of diluted net income per share, as the ef) Tj ET Q q 0 0 0 rg BT 377.26 289.00 Td (fect would be anti-dilutive. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 263.00 Td (Envir) Tj ET Q q 0 0 0 rg BT 74.27 263.00 Td (onmental Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.00 Td (The Company is subject to numerous environmental laws and regulations in the various jurisdictions in which it operates that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.00 Td (\(a\)govern operations that may have adverse environmental ef) Tj ET Q q 0 0 0 rg BT 297.50 230.00 Td (fects, such as the dischar) Tj ET Q q 0 0 0 rg BT 396.45 230.00 Td (ge of materials into the environment, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.00 Td (well as handling, storage, transportation and disposal practices for solid and hazardous wastes, and \(b\)impose liability for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.00 Td (response costs and certain damages resulting from past and current spills, disposals or other releases of hazardous materials. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.00 Td (Normal, recurring expenses related to operating the Company's factories in a manner that meets or exceeds environmental laws ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.00 Td (and regulations are matched to the cost of producing inventory) Tj ET Q q 0 0 0 rg BT 300.11 182.00 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.00 Td (Despite our ef) Tj ET Q q 0 0 0 rg BT 106.46 161.00 Td (forts to comply with existing laws and regulations, compliance with more stringent laws or regulations, or stricter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.00 Td (interpretation of existing laws, may require additional expenditures by us, some of which may be material. ) Tj ET Q q 0 0 0 rg BT 478.31 149.00 Td (W) Tj ET Q q 0 0 0 rg BT 486.95 149.00 Td (e reserve amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.00 Td (for such matters when expenditures are probable and reasonably estimable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.00 Td (Costs incurred to investigate and remediate environmental waste are expensed, unless the remediation extends the useful life of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.00 Td (the assets employed at the site. ) Tj ET Q q 0 0 0 rg BT 175.25 104.00 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.75 104.00 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.35 104.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.79 104.00 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.79 104.00 Td (, the Company had not capitalized any remediation costs and had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.00 Td (not recorded any amortization expense in fiscal years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.47 92.00 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.47 92.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.47 92.00 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.47 92.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.91 92.00 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.91 92.00 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 66.00 Td (Advertising Costs) Tj ET Q endstream endobj 105 0 obj <> endobj 106 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Advertising costs are expensed in the period during which the advertising space is run. Selling, general and administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (expenses include advertising costs of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.80 730.10 Td ($1,277,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.80 730.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.57 730.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.57 730.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.57 730.10 Td ($1,246,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.57 730.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.35 730.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.35 730.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.29 730.10 Td ($1,103,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.29 730.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.07 730.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.07 730.10 Td (. Prepaid advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (costs reported as an asset on the balance sheet at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.04 718.10 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.63 718.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.07 718.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.07 718.10 Td (, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 718.10 Td ($244,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.50 718.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.94 718.10 Td ($242,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.44 718.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 528.10 718.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.37 692.10 Td (oduct ) Tj ET Q q 0 0 0 rg BT 86.58 692.10 Td (W) Tj ET Q q 0 0 0 rg BT 96.03 692.10 Td (arranty Expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 671.10 Td (The Company provides a product warranty on most products. ) Tj ET Q q 0 0 0 rg BT 298.10 671.10 Td (The standard warranty of) Tj ET Q q 0 0 0 rg BT 398.71 671.10 Td (fered on products sold through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 659.10 Td (January31, 2005 is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.27 659.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.82 659.10 Td ( years. Ef) Tj ET Q q 0 0 0 rg BT 183.67 659.10 Td (fective February1, 2005, the standard warranty was increased to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.69 659.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.69 659.10 Td (years on products sold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 647.10 Td (after February1, 2005. Ef) Tj ET Q q 0 0 0 rg BT 153.67 647.10 Td (fective February 1, 2014 the Company modified its warranty to a limited lifetime warranty) Tj ET Q q 0 0 0 rg BT 515.70 647.10 Td (. ) Tj ET Q q 0 0 0 rg BT 520.52 647.10 Td (The new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 635.10 Td (warranty ef) Tj ET Q q 0 0 0 rg BT 95.63 635.10 Td (fective February) Tj ET Q q 0 0 0 rg BT 160.78 635.10 Td (, 1, 2014 is not anticipated to have a significant ef) Tj ET Q q 0 0 0 rg BT 359.99 635.10 Td (fect on warranty expense. ) Tj ET Q q 0 0 0 rg BT 465.03 635.10 Td (The Company generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.10 Td (provides that customers can return a defective product during the specified warranty period following purchase in exchange for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.10 Td (a replacement product or that the Company can repair the product at no char) Tj ET Q q 0 0 0 rg BT 354.97 611.10 Td (ge to the customer) Tj ET Q q 0 0 0 rg BT 428.01 611.10 Td (. ) Tj ET Q q 0 0 0 rg BT 432.83 611.10 Td (The Company determines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (whether replacement or repair is appropriate in each circumstance. ) Tj ET Q q 0 0 0 rg BT 318.57 599.10 Td (The Company uses historic data to estimate appropriate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.10 Td (levels of warranty reserves. Because product mix, production methods, and raw material sources change over time, historic data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (may not always provide precise estimates for future warranty expense. ) Tj ET Q q 0 0 0 rg BT 334.44 575.10 Td (The Company recorded warranty reserves of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.47 575.10 Td ($950,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.97 575.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 563.10 Td ($1,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.94 563.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.10 563.10 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.70 563.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.14 563.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.14 563.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 296.80 563.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 537.10 Td (Self-Insurance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 516.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.83 516.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.27 516.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.27 516.10 Td (, the Company was self-insured for product and general liability losses up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.98 516.10 Td ($250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.48 516.10 Td ( per occurrence, for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.10 Td (workers) Tj ET Q q 0 0 0 rg BT 84.80 504.10 Td ( compensation losses up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.51 504.10 Td ($250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.01 504.10 Td ( per occurrence, and for auto liability up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.83 504.10 Td ($50,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.33 504.10 Td ( per occurrence. ) Tj ET Q q 0 0 0 rg BT 506.90 504.10 Td (Actuaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (assist the Company in determining its liability for the self-insured component of claims, which have been discounted to their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (net present value utilizing a discount rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.72 480.10 Td (0.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.55 480.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.33 480.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.33 480.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.77 480.10 Td (0.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.60 480.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.38 480.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.38 480.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (Stock-Based Compensation Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.10 Td (The Company recognizes stock-based compensation cost for shares that are expected to vest, on a straight-line basis, over the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.10 Td (requisite service period of the award.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td (Accumulated Other) Tj ET Q q 0 0 0 rg BT 134.53 395.10 Td ( Compr) Tj ET Q q 0 0 0 rg BT 167.40 395.10 Td (ehensive Income \(Loss\), Net of ) Tj ET Q q 0 0 0 rg BT 299.42 395.10 Td (T) Tj ET Q q 0 0 0 rg BT 305.17 395.10 Td (ax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 371.10 Td (The following table summarizes the changes in accumulated balances of other comprehensive income \(loss\) for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 359.10 Td (January 31, 2015 and 2014:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 306.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 306.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 306.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 306.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 276.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 276.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 276.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 276.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 246.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 246.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 246.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 246.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 216.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 216.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 216.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 216.60 71.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 306.6 m 413.5 306.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 306.6 m 484.5 306.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 306.6 m 561.5 306.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 306.6 m 484.5 306.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 306.6 m 561.5 306.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 246.60000000000002 m 484.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 246.60000000000002 m 561.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 246.60000000000002 m 484.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 216.60000000000002 m 484.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 216.60000000000002 m 561.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 202.60000000000002 m 484.5 202.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 200.60000000000002 m 484.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 202.60000000000002 m 561.5 202.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 200.60000000000002 m 561.5 200.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.75 325.83 Td (January 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 310.83 Td (\(in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.50 310.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.50 310.83 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 296.27 Td (Balance as of beginning of year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 296.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 296.32 Td (\(13,980) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 296.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 296.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 296.32 Td (\(15,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 296.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 266.27 Td (Other comprehensive \(loss\) income before reclassifications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.80 266.32 Td (\(7,537) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 266.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 266.27 Td (458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 251.27 Td (Amounts reclassified from AOCI) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 251.27 Td (1,283) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 251.27 Td (1,548) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 236.27 Td (Net current period other comprehensive \(loss\) income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.80 236.32 Td (\(6,254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 236.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 236.27 Td (2,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 206.27 Td (Balance as of end of year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 206.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 206.32 Td (\(20,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 206.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 206.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 206.32 Td (\(13,980) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 206.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.10 Td (The reclassifications out of accumulated other comprehensive income \(loss\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.67 163.10 Td ($1,283,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.67 163.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.10 163.10 Td ($1,548,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.10 163.10 Td ( for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.10 Td (January 31, 2015 and 2014, respectively) Tj ET Q q 0 0 0 rg BT 210.70 151.10 Td (, related to amortization of actuarial losses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 127.10 Td (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.27 127.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (The Company recognizes revenue in accordance with F) Tj ET Q q 0 0 0 rg BT 271.67 106.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 293.07 106.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 314.84 106.10 Td (T) Tj ET Q q 0 0 0 rg BT 320.25 106.10 Td (opic 605, Revenue Recognition. Revenue is recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (when title passes under its various shipping terms, when installation services are complete, and when collectability is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (reasonably assured. ) Tj ET Q q 0 0 0 rg BT 130.63 82.10 Td (The Company reports sales net of sales returns and allowances, sales taxes imposed by various government ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (authorities, cash discounts and rebate to customers. In most instances, the Company sells furniture on bids and contracts, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (may include multiple elements. For sales that include freight to the customer) Tj ET Q q 0 0 0 rg BT 356.19 58.10 Td (, many sales are delivered on the same day ) Tj ET Q endstream endobj 107 0 obj <> endobj 108 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (shipped, with an average delivery being in route for 1 to 3 days. Installation, which involves carrying the furniture to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (classroom and setting the desks and chairs in place, typically occurs the day the furniture is delivered. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.10 Td (In accordance with ) Tj ET Q q 0 0 0 rg BT 128.02 709.10 Td (ASC 605, 25, Revenue Recognition - Multiple-Element ) Tj ET Q q 0 0 0 rg BT 357.15 709.10 Td (Arrangements, revenue arrangements with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (multiple deliverables are generally accounted for by the Company on a combined unit of accounting as our customers control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (our ability to deliver and install the furniture, and as a result the furniture delivery and installation are generally provided at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (same time. ) Tj ET Q q 0 0 0 rg BT 95.64 673.10 Td (W) Tj ET Q q 0 0 0 rg BT 104.28 673.10 Td (e recognize the consideration for the combined unit of accounting once the final item has been delivered and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (installed. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 635.10 Td (Delivery Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 614.10 Td (For the fiscal years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.24 614.10 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.84 614.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.84 614.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.84 614.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.28 614.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.28 614.10 Td (, shipping and classroom delivery costs of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 602.10 Td ($15,41) Tj ET Q q 0 0 0 rg BT 77.13 602.10 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.63 602.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.63 602.10 Td ($14,576,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.63 602.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.07 602.10 Td ($15,040,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.07 602.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 276.73 602.10 Td (, were included in selling, general and administrative expenses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (Accounting for) Tj ET Q q 0 0 0 rg BT 113.98 576.10 Td ( Income ) Tj ET Q q 0 0 0 rg BT 150.46 576.10 Td (T) Tj ET Q q 0 0 0 rg BT 156.21 576.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 555.10 Td (The Company recognizes deferred income taxes under the asset and liability method of accounting for income taxes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 543.10 Td (accordance with the provisions of F) Tj ET Q q 0 0 0 rg BT 192.28 543.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 213.68 543.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 235.45 543.10 Td (T) Tj ET Q q 0 0 0 rg BT 240.86 543.10 Td (opic 740, Accounting for Income ) Tj ET Q q 0 0 0 rg BT 380.63 543.10 Td (T) Tj ET Q q 0 0 0 rg BT 386.04 543.10 Td (axes. Deferred income taxes are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 531.10 Td (recognized for dif) Tj ET Q q 0 0 0 rg BT 121.45 531.10 Td (ferences between the financial statement and tax basis of assets and liabilities at enacted statutory tax rates in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 519.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 519.10 Td (fect for the years in which the dif) Tj ET Q q 0 0 0 rg BT 190.41 519.10 Td (ferences are expected to reverse. ) Tj ET Q q 0 0 0 rg BT 322.92 519.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 348.55 519.10 Td (fect on deferred taxes of a change in tax rates is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 507.10 Td (recognized in income in the period that includes the enactment date. ) Tj ET Q q 0 0 0 rg BT 324.35 507.10 Td (A) Tj ET Q q 0 0 0 rg BT 331.02 507.10 Td ( valuation allowance against deferred tax assets is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 495.10 Td (recorded when it is determined to be more likely than not that the asset will not be realized.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 471.10 Td (Corr) Tj ET Q q 0 0 0 rg BT 70.92 471.10 Td (ection of Immaterial Err) Tj ET Q q 0 0 0 rg BT 175.98 471.10 Td (ors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 447.10 Td (In connection with the preparation of the consolidated financial statements, the Company determined that certain payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 435.10 Td (directly made to customers, which were previously included in selling, general, and administrative expenses, should instead be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 423.10 Td (reflected as decreases to net sales. ) Tj ET Q q 0 0 0 rg BT 188.36 423.10 Td (The current year Consolidated Statement of Operations properly reflects payments directly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 411.10 Td (made to customers as decreases to net sales. ) Tj ET Q q 0 0 0 rg BT 228.37 411.10 Td (The Company evaluated the impact of this error on prior years) Tj ET Q q 0 0 0 rg BT 480.87 411.10 Td ( financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 399.10 Td (statements and concluded that it was immaterial for the years ended January 31, 2014 and 2013, and for all interim periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 387.10 Td (within those years. ) Tj ET Q q 0 0 0 rg BT 127.58 387.10 Td (While the amounts included in prior years were considered to be immaterial, the Company elected to revise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 375.10 Td (the presentation of previously reported amounts to be consistent with the presentation for the year ended January 31, 2015. ) Tj ET Q q 0 0 0 rg BT 543.30 375.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 363.10 Td (changes resulted in decreases to net sales, gross mar) Tj ET Q q 0 0 0 rg BT 258.36 363.10 Td (gin and selling, general, and administrative expenses of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.74 363.10 Td ($878,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.24 363.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 351.10 Td ($944,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 351.10 Td (, for the years ended January 31, 2014 and 2013, respectively) Tj ET Q q 0 0 0 rg BT 332.05 351.10 Td (. ) Tj ET Q q 0 0 0 rg BT 336.87 351.10 Td (The unaudited quarterly results included in Note 1) Tj ET Q q 0 0 0 rg BT 537.83 351.10 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 339.10 Td (have also been updated to reflect this change for all periods presented.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 305.10 Td (2. New ) Tj ET Q q 0 0 0 rg BT 80.83 305.10 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 142.59 305.10 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 281.10 Td (In May 2014, the Financial ) Tj ET Q q 0 0 0 rg BT 160.54 281.10 Td (Accounting Standards Board \("F) Tj ET Q q 0 0 0 rg BT 290.80 281.10 Td (ASB"\) issued ) Tj ET Q q 0 0 0 rg BT 347.11 281.10 Td (Accounting Standards Update No. 2014-09,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 525.14 281.10 Td (Revenue ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 269.10 Td (fr) Tj ET Q q 0 0 0 rg BT 56.30 269.10 Td (om Contracts with Customers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.98 269.10 Td (\("ASU 2014-09"\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 248.64 269.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.14 269.10 Td (an updated standard on revenue recognition) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 425.80 269.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.80 269.10 Td (This ) Tj ET Q q 0 0 0 rg BT 450.52 269.10 Td (ASU will supersede the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.10 Td (revenue recognition requirements in ) Tj ET Q q 0 0 0 rg BT 196.62 257.10 Td (Accounting Standards Codification ) Tj ET Q q 0 0 0 rg BT 340.02 257.10 Td (T) Tj ET Q q 0 0 0 rg BT 345.43 257.10 Td (opic 605,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 385.15 257.10 Td (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.83 257.10 Td (, and most industry-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.10 Td (specific guidance. ) Tj ET Q q 0 0 0 rg BT 126.64 245.10 Td (ASU 2014-09 provides enhancements to the quality and consistency of how revenue is reported while also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.10 Td (improving comparability in the financial statements of companies reporting using US GAAP) Tj ET Q q 0 0 0 rg BT 420.95 233.10 Td ( and International Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.10 Td (Reporting Standards. ) Tj ET Q q 0 0 0 rg BT 139.25 221.10 Td (The core principle of the new standard is for companies to recognize revenue to depict the transfer of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.10 Td (goods or services to customers in amounts that reflect the consideration to which the Company expects to be entitled in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.10 Td (exchange for those goods or services. In doing so the Company may be required to use more judgment and make more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 185.10 Td (estimates than under current authoritative guidance. ) Tj ET Q q 0 0 0 rg BT 259.09 185.10 Td (ASU 2014-09 will be ef) Tj ET Q q 0 0 0 rg BT 355.01 185.10 Td (fective for the Company in the first quarter of fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.10 Td (2017 and may be applied on a full retrospective or modified retrospective approach. ) Tj ET Q q 0 0 0 rg BT 388.03 173.10 Td (The Company is currently evaluating the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.10 Td (impact the adoption of this standard will have on its consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.28 137.10 Td (August2014, the F) Tj ET Q q 0 0 0 rg BT 136.21 137.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 185.11 137.10 Td (ASU No.2014-15,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 263.16 137.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 272.79 137.10 Td (esentation of Financial Statements-Going Concern\(Subtopic ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 125.10 Td (205-40\),Disclosur) Tj ET Q q 0 0 0 rg BT 125.18 125.10 Td (e of Uncertainties about an Entity) Tj ET Q q 0 0 0 rg BT 263.03 125.10 Td (s ) Tj ET Q q 0 0 0 rg BT 269.24 125.10 Td (Ability to Continue as a Going Concern.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.18 125.10 Td () Tj ET Q q 0 0 0 rg BT 433.50 125.10 Td (This standard sets forth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.10 Td (management) Tj ET Q q 0 0 0 rg BT 103.87 113.10 Td (s responsibility to evaluate, each reporting period, whether there is substantial doubt about our ability to continue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.10 Td (as a going concern, and if so, to provide related footnote disclosures. ) Tj ET Q q 0 0 0 rg BT 327.24 101.10 Td (The standard is ef) Tj ET Q q 0 0 0 rg BT 398.42 101.10 Td (fective for annual and interim reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.10 Td (periods ending after December15, 2016. ) Tj ET Q q 0 0 0 rg BT 218.37 89.10 Td (W) Tj ET Q q 0 0 0 rg BT 227.01 89.10 Td (e are currently evaluating this new standard and expect it to have no impact on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.10 Td (financial position and results of operations.) Tj ET Q endstream endobj 109 0 obj <> endobj 110 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (53) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (3. Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 721.25 Td (Outstanding balances \(in thousands\) for the Company) Tj ET Q q 0 0 0 rg BT 268.29 721.25 Td (s long-term debt were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 684.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 684.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 684.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 684.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 654.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 654.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 654.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 654.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 624.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 624.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 624.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 624.75 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 684.75 m 428.5 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 684.75 m 493.5 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 684.75 m 562.5 684.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 654.75 m 493.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 654.75 m 562.5 654.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 624.75 m 493.5 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 624.75 m 562.5 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 610.75 m 493.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 608.75 m 493.5 608.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 610.75 m 562.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 608.75 m 562.5 608.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 702.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.75 701.98 Td (January31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 688.98 Td (In thousands, except per share data) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 688.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 688.98 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 675.32 Td (Revolving credit line) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 674.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 674.42 Td (9,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 674.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 674.42 Td (8,248) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 660.32 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 659.42 Td (153) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 659.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 645.32 Td (Total debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 644.42 Td (9,519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 644.42 Td (8,248) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 630.32 Td (Less current portion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 629.42 Td (3,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 629.42 Td (2,248) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 615.32 Td (Non-current portion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 614.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 614.42 Td (6,153) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 614.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 614.42 Td (6,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.25 Td (On December22, 201) Tj ET Q q 0 0 0 rg BT 137.93 577.25 Td (1 \(the Closing Date\), the Company and ) Tj ET Q q 0 0 0 rg BT 306.04 577.25 Td (V) Tj ET Q q 0 0 0 rg BT 312.67 577.25 Td (irco Inc., a wholly owned subsidiary of the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.25 Td (\(V) Tj ET Q q 0 0 0 rg BT 64.39 565.25 Td (irco and, together with the Company) Tj ET Q q 0 0 0 rg BT 214.81 565.25 Td (, the Borrowers\) entered into a Revolving Credit and Security ) Tj ET Q q 0 0 0 rg BT 472.24 565.25 Td (Agreement \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 81.38 553.25 Td (Agreement\) with PNC Bank, National ) Tj ET Q q 0 0 0 rg BT 240.80 553.25 Td (Association, as administrative agent and lender \(PNC\). ) Tj ET Q q 0 0 0 rg BT 474.44 553.25 Td (The credit agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.25 Td (has been amended nine times subsequent to that date, which, among other things, extended the maturity date of the Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.25 Td (Agreement for three years until December 22, 2017, reduced the maximum availability under the Credit ) Tj ET Q q 0 0 0 rg BT 467.92 529.25 Td (Agreement by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 517.25 Td ($10,000,000 to $50,000,000, modified, eliminated, or waived covenants, amended seasonal advances and established sub-lines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.25 Td (for equipment financing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.25 Td (On March 31, 2015 the Company entered into ) Tj ET Q q 0 0 0 rg BT 236.35 484.25 Td (Amendment No. 9, which retroactively modified the tangible net worth covenant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.25 Td (at January 31, 2015 and established quarterly covenants for the fiscal year ending January 31, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.25 Td (The Credit ) Tj ET Q q 0 0 0 rg BT 94.99 451.25 Td (Agreement provides the Borrowers with a secured revolving line of credit \(the Revolving Credit Facility\) of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.25 Td ($50,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.00 439.25 Td (, with seasonal adjustments to the credit limit and subject to borrowing base limitations, and includes a sub-limit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.25 Td (up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.78 427.25 Td ($3,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.78 427.25 Td ( for issuances of letters of credit. ) Tj ET Q q 0 0 0 rg BT 253.38 427.25 Td (The Revolving Credit Facility is an asset-based line of credit that is subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.25 Td (to a borrowing base limitation and generally provides for advances of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.53 415.25 Td (85%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.86 415.25 Td ( of eligible accounts receivable, plus a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.25 Td (percentage equal to the lesser of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.05 403.25 Td (60%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.38 403.25 Td ( of the value of eligible inventory or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.56 403.25 Td (85%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.89 403.25 Td ( of the liquidation value of eligible inventory) Tj ET Q q 0 0 0 rg BT 543.92 403.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.25 Td (plus an amount ranging from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.59 391.25 Td ($8,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.59 391.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.37 391.25 Td ($14,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.37 391.25 Td ( from February 1 through July 31 of each year) Tj ET Q q 0 0 0 rg BT 460.63 391.25 Td (, minus undrawn ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.25 Td (amounts of letters of credit and reserves. ) Tj ET Q q 0 0 0 rg BT 217.26 379.25 Td (The Revolving Credit Facility is secured by substantially all of the Borrowers' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.25 Td (personal property and certain of the Borrowers' real property) Tj ET Q q 0 0 0 rg BT 292.17 367.25 Td (. ) Tj ET Q q 0 0 0 rg BT 299.49 367.25 Td (The principal amount outstanding under the Credit ) Tj ET Q q 0 0 0 rg BT 504.17 367.25 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.25 Td (and any accrued and unpaid interest is due no later than December 22, 2017, and the Revolving Credit Facility is subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.25 Td (certain prepayment penalties upon earlier termination of the Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 393.69 343.25 Td (. Prior to the maturity date, principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.25 Td (amounts outstanding under the Credit ) Tj ET Q q 0 0 0 rg BT 202.48 331.25 Td (Agreement may be repaid and reborrowed at the option of the Borrowers without ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.25 Td (premium or penalty) Tj ET Q q 0 0 0 rg BT 128.22 319.25 Td (, subject to borrowing base limitations, seasonal adjustments and certain other conditions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (The Revolving Credit Facility bears interest, at the Borrowers' option, at either the ) Tj ET Q q 0 0 0 rg BT 381.44 298.25 Td (Alternate Base Rate \(as defined in the Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (Agreement\) or the Eurodollar Currency Rate \(as defined in the Credit ) Tj ET Q q 0 0 0 rg BT 330.18 286.25 Td (Agreement\), in each case plus an applicable mar) Tj ET Q q 0 0 0 rg BT 523.80 286.25 Td (gin. ) Tj ET Q q 0 0 0 rg BT 541.40 286.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (applicable mar) Tj ET Q q 0 0 0 rg BT 108.96 274.25 Td (gin for ) Tj ET Q q 0 0 0 rg BT 137.84 274.25 Td (Alternate Base Rate loans is a percentage within a range of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.86 274.25 Td (0.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.69 274.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.47 274.25 Td (1.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.30 274.25 Td (, and the applicable mar) Tj ET Q q 0 0 0 rg BT 538.91 274.25 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (for Eurodollar Currency Rate loans is a percentage within a range of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.01 262.25 Td (1.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.84 262.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.61 262.25 Td (2.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.44 262.25 Td (, in each case based on the EBITDA) Tj ET Q q 0 0 0 rg BT 534.84 262.25 Td ( of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (Borrowers at the end of each fiscal quarter) Tj ET Q q 0 0 0 rg BT 219.80 250.25 Td (, and may be increased at PNC's option by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.57 250.25 Td (2.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.40 250.25 Td ( during the continuance of an event ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (of default. ) Tj ET Q q 0 0 0 rg BT 93.04 238.25 Td (Accrued interest with respect to principal amounts outstanding under the Credit ) Tj ET Q q 0 0 0 rg BT 413.24 238.25 Td (Agreement is payable in arrears on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (monthly basis for ) Tj ET Q q 0 0 0 rg BT 121.94 226.25 Td (Alternative Base Rate loans, and at the end of the applicable interest period but at most every three months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (for Eurodollar Currency Rate loans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.25 Td (The Credit ) Tj ET Q q 0 0 0 rg BT 94.99 193.25 Td (Agreement contains a covenant that forbids the Company from issuing dividends or making payments with respect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.25 Td (to the Company's capital stock, and contains numerous other covenants that limit under certain circumstances the ability of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.25 Td (Borrowers and their subsidiaries to, among other things, mer) Tj ET Q q 0 0 0 rg BT 292.55 169.25 Td (ge with or acquire other entities, incur new liens, incur additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.25 Td (indebtedness, repurchase stock, sell assets outside of the ordinary course of business, enter into transactions with af) Tj ET Q q 0 0 0 rg BT 511.09 157.25 Td (filiates, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.25 Td (substantially change the general nature of the business of the Borrowers, taken as a whole. ) Tj ET Q q 0 0 0 rg BT 413.87 145.25 Td (The Credit ) Tj ET Q q 0 0 0 rg BT 458.86 145.25 Td (Agreement also requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.25 Td (the Company to maintain the following financial maintenance covenants: \(1\) a minimum tangible net worth amount, \(2\) a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.25 Td (minimum fixed char) Tj ET Q q 0 0 0 rg BT 131.46 121.25 Td (ge coverage ratio, and \(3\) a minimum EBITDA) Tj ET Q q 0 0 0 rg BT 320.85 121.25 Td ( amount, in each case as of the end of the relevant monthly) Tj ET Q q 0 0 0 rg BT 555.40 121.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.25 Td (quarterly or annual measurement period. ) Tj ET Q q 0 0 0 rg BT 216.88 109.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.33 109.25 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.93 109.25 Td ( the Credit ) Tj ET Q q 0 0 0 rg BT 354.09 109.25 Td (Agreement required the Company to maintain: \(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.25 Td (a minimum tangible net worth of at least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.96 97.25 Td ($25,190,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.96 97.25 Td ( for the fiscal quarter ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.03 97.25 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.62 97.25 Td (, \(2\) a minimum fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.25 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 85.25 Td (ge coverage ratio of at least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.75 85.25 Td (1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.25 85.25 Td ( to 1.00 for the four consecutive fiscal quarters ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.34 85.25 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.94 85.25 Td (, and \(3\) a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.25 Td (minimum EBITDA) Tj ET Q q 0 0 0 rg BT 127.50 73.25 Td ( amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.33 73.25 Td ($5,512,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.33 73.25 Td ( for the twelve consecutive fiscal months ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.38 73.25 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.98 73.25 Td (. Subsequent to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.25 Td (January 31, 2015, the Company entered into ) Tj ET Q q 0 0 0 rg BT 229.13 61.25 Td (Amendment No. 9 to the credit agreement which modified the tangible net worth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.25 Td (covenant to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.87 49.25 Td ($20,565,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.87 49.25 Td (.The actual results of the Company with respect to the foregoing financial covenants for the period ) Tj ET Q endstream endobj 111 0 obj <> endobj 112 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.72 742.10 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.32 742.10 Td ( were as follows: \(1\) the Company maintained a tangible net worth of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.07 742.10 Td ($22,573,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.07 742.10 Td ( for the fiscal year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.72 730.10 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.32 730.10 Td (, \(2\) the Company maintained a fixed char) Tj ET Q q 0 0 0 rg BT 317.52 730.10 Td (ge coverage ratio of greater than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.67 730.10 Td (1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.17 730.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.95 730.10 Td (1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.45 730.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.82 730.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.48 730.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (consecutive fiscal quarters ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.94 718.10 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.54 718.10 Td (, and \(3\) the Company achieved EBITDA) Tj ET Q q 0 0 0 rg BT 419.88 718.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.21 718.10 Td ($7,281,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.21 718.10 Td ( for the twelve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (consecutive fiscal months ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.52 706.10 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.12 706.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (In addition, the Credit ) Tj ET Q q 0 0 0 rg BT 140.26 685.10 Td (Agreement contains a clean down provision that requires the Company to reduce borrowings under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (line to less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.99 673.10 Td ($6,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.99 673.10 Td ( for a period of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.47 673.10 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.47 673.10 Td (consecutive days each fiscal year) Tj ET Q q 0 0 0 rg BT 367.12 673.10 Td (. ) Tj ET Q q 0 0 0 rg BT 374.44 673.10 Td (The Company believes that normal operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (cash flow will allow it to meet the clean down requirement with no adverse impact on the Company's liquidity) Tj ET Q q 0 0 0 rg BT 491.05 661.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (The Company was in violation of its minimum tangible net worth covenant for the relevant period ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.18 640.10 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.78 640.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (However) Tj ET Q q 0 0 0 rg BT 86.25 628.10 Td (, as noted above, on March 31, 2015 the Company entered into ) Tj ET Q q 0 0 0 rg BT 339.80 628.10 Td (Amendment No. 9, which retroactively modified the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (tangible net worth covenant at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.57 616.10 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.17 616.10 Td (. ) Tj ET Q q 0 0 0 rg BT 249.49 616.10 Td (The Company was in compliance with the modified covenant. ) Tj ET Q q 0 0 0 rg BT 502.85 616.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (expects to be in compliance for the next fiscal year) Tj ET Q q 0 0 0 rg BT 252.97 604.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.10 Td (Events of default \(subject to certain cure periods and other limitations\) under the Credit ) Tj ET Q q 0 0 0 rg BT 402.11 583.10 Td (Agreement include, but are not limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.10 Td (to, \(i\) non-payment of principal, interest or other amounts due under the Credit ) Tj ET Q q 0 0 0 rg BT 367.42 571.10 Td (Agreement, \(ii\) the violation of terms, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (covenants, representations or warranties in the Credit ) Tj ET Q q 0 0 0 rg BT 264.93 559.10 Td (Agreement or related loan documents, \(iii\) any event of default under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (agreements governing certain indebtedness of the Borrowers and certain defaults by the Borrowers under other agreements that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (would materially adversely af) Tj ET Q q 0 0 0 rg BT 168.94 535.10 Td (fect the Borrowers, \(iv\) certain events of bankruptcy) Tj ET Q q 0 0 0 rg BT 378.21 535.10 Td (, insolvency or liquidation involving the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (Borrowers, \(v\) judgments or judicial actions against the Borrowers in excess of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.14 523.10 Td ($250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.64 523.10 Td (, subject to certain conditions, \(vi\) the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (failure of the Company to comply with Pension Benefit Plans \(as defined in the Credit ) Tj ET Q q 0 0 0 rg BT 397.44 511.10 Td (Agreement\), \(vii\) the invalidity of loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (documents pertaining to the Credit ) Tj ET Q q 0 0 0 rg BT 190.81 499.10 Td (Agreement, \(viii\) a change of control of the Borrowers and \(ix\) the interruption of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (operations of any of the Borrowers' manufacturing facilities for five consecutive days during the peak season or fifteen ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (consecutive days during any other time, subject to certain conditions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (Pursuant to the Credit ) Tj ET Q q 0 0 0 rg BT 139.44 454.10 Td (Agreement, substantially all of the Borrowers' accounts receivable are automatically and promptly swept ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (to repay amounts outstanding under the Revolving Credit Facility upon receipt by the Borrowers. Due to this automatic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (liquidating nature of the Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 250.42 430.10 Td (, if the Borrowers breach any covenant, violate any representation or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (warranty or suf) Tj ET Q q 0 0 0 rg BT 110.91 418.10 Td (fer any deterioration in their ability to borrow pursuant to the borrowing base calculation, the Borrowers may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (not have access to cash liquidity unless provided by PNC at its discretion. In addition, certain of the covenants and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (representations and warranties set forth in the Credit ) Tj ET Q q 0 0 0 rg BT 261.60 394.10 Td (Agreement contain limited or no materiality thresholds, and many of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (representations and warranties must be true and correct in all material respects upon each borrowing, which the Borrowers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (expect to occur on an ongoing basis. ) Tj ET Q q 0 0 0 rg BT 200.62 370.10 Td (There can be no assurance that the Borrowers will be able to comply with all such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (covenants and be able to continue to make such representations and warranties on an ongoing basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.10 Td (The Company's line of credit with PNC is structured to provide seasonal credit availability during the Company's peak summer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 325.10 Td (season. ) Tj ET Q q 0 0 0 rg BT 83.98 325.10 Td (The Company believes that the Revolving Credit Facility will provide suf) Tj ET Q q 0 0 0 rg BT 378.75 325.10 Td (ficient liquidity to meet its capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.10 Td (requirements in the next 12 months. ) Tj ET Q q 0 0 0 rg BT 198.31 313.10 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.35 313.10 Td ($10,658,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.35 313.10 Td ( was available for borrowing as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.47 313.10 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.07 313.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (As of January 31, 2015, long-term debt repayments are approximately as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 269.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 269.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 241.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 241.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 213.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 213.60 65.00 -14.00 re f /GS0 gs BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 273.68 Td (Year ending January31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.00 273.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 260.17 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 260.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 260.17 Td (3,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 246.17 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 246.17 Td (6,153) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 232.17 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 232.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 218.17 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 218.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 204.17 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 204.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 190.17 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 190.17 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 165.10 Td (Management believes that the carrying value of debt approximated fair value at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.42 165.10 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.02 165.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.46 165.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.46 165.10 Td (, as all of the long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 153.10 Td (term debt bears interest at variable rates based on prevailing market conditions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 127.10 Td (4. Retir) Tj ET Q q 0 0 0 rg BT 82.03 127.10 Td (ement Plans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (Pension Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (The Company maintains three defined benefit pension plans, the ) Tj ET Q q 0 0 0 rg BT 310.30 82.10 Td (V) Tj ET Q q 0 0 0 rg BT 316.92 82.10 Td (irco Employees Retirement Plan \(Employee Plan\), the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 70.10 Td (irco Important Performers Retirement Plan \(VIP) Tj ET Q q 0 0 0 rg BT 254.25 70.10 Td ( Plan\), and the Non-Employee Directors Retirement Plan \(Directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (Plan\). ) Tj ET Q q 0 0 0 rg BT 80.37 58.10 Td (The Company and its subsidiaries cover all employees hired prior to December 31, 2003 under the Employee Plan, ) Tj ET Q endstream endobj 113 0 obj <> endobj 114 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (which is a qualified noncontributory defined benefit retirement plan. Benefits under the Employee Plan are based on years of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (service and career average earnings. Benefit accruals under the Employee Plan were frozen ef) Tj ET Q q 0 0 0 rg BT 425.18 730.10 Td (fective December31, 2003.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.10 Td (The Company also provides a supplementary retirement plan for certain key employees, the ) Tj ET Q q 0 0 0 rg BT 419.70 709.10 Td (VIP) Tj ET Q q 0 0 0 rg BT 435.44 709.10 Td ( Plan. ) Tj ET Q q 0 0 0 rg BT 460.54 709.10 Td (The ) Tj ET Q q 0 0 0 rg BT 478.40 709.10 Td (VIP) Tj ET Q q 0 0 0 rg BT 494.15 709.10 Td ( Plan provides a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (benefit up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.04 697.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.37 697.10 Td ( of average compensation for the last ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.59 697.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.14 697.10 Td ( years in the ) Tj ET Q q 0 0 0 rg BT 338.05 697.10 Td (VIP) Tj ET Q q 0 0 0 rg BT 353.79 697.10 Td ( Plan, of) Tj ET Q q 0 0 0 rg BT 387.22 697.10 Td (fset by benefits earned under the Employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (Plan. Benefit accruals under the ) Tj ET Q q 0 0 0 rg BT 182.27 685.10 Td (VIP) Tj ET Q q 0 0 0 rg BT 198.01 685.10 Td ( Plan were frozen ef) Tj ET Q q 0 0 0 rg BT 278.34 685.10 Td (fective December31, 2003. ) Tj ET Q q 0 0 0 rg BT 393.95 685.10 Td (The ) Tj ET Q q 0 0 0 rg BT 411.82 685.10 Td (VIP) Tj ET Q q 0 0 0 rg BT 427.56 685.10 Td ( Plan benefits are secured by a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (life insurance program. Substantially all assets securing the ) Tj ET Q q 0 0 0 rg BT 291.98 673.10 Td (VIP) Tj ET Q q 0 0 0 rg BT 307.72 673.10 Td ( Plan are held in a rabbi trust. ) Tj ET Q q 0 0 0 rg BT 430.28 673.10 Td (These cash surrender values are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (included in other assets in the consolidated balance sheets. ) Tj ET Q q 0 0 0 rg BT 288.92 661.10 Td (The cash surrender values of the policies securing the ) Tj ET Q q 0 0 0 rg BT 505.60 661.10 Td (VIP) Tj ET Q q 0 0 0 rg BT 521.34 661.10 Td ( Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.93 649.10 Td ($3,31) Tj ET Q q 0 0 0 rg BT 94.06 649.10 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.56 649.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.00 649.10 Td ($3,238,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.00 649.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.21 649.10 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.81 649.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.25 649.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.25 649.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 353.91 649.10 Td (. Death benefits payable under life insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (policies held by the Plan were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.00 637.10 Td ($9,486,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.00 637.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.44 637.10 Td ($9,462,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.44 637.10 Td ( at January 31, 2015 and 2014, respectively) Tj ET Q q 0 0 0 rg BT 515.36 637.10 Td (. ) Tj ET Q q 0 0 0 rg BT 522.68 637.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (Company maintains a rabbi trust to hold assets related to the ) Tj ET Q q 0 0 0 rg BT 293.94 625.10 Td (VIP) Tj ET Q q 0 0 0 rg BT 309.68 625.10 Td ( Retirement Plan and a Split $ Life Insurance Plan. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.28 604.10 Td (April2001, the Board of Directors established the Directors Plan, a non-qualified plan for non-employee directors of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (Company) Tj ET Q q 0 0 0 rg BT 88.24 592.10 Td (. ) Tj ET Q q 0 0 0 rg BT 93.06 592.10 Td (The Directors Plan provides a lifetime annual retirement benefit equal to the director) Tj ET Q q 0 0 0 rg BT 432.19 592.10 Td () Tj ET Q q 0 0 0 rg BT 434.97 592.10 Td (s annual retainer fee for the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (fiscal year in which the director terminates his or her position with the board, subject to the director providing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.10 580.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.10 580.10 Td (years of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (service to the Company) Tj ET Q q 0 0 0 rg BT 144.05 568.10 Td (. Benefit accruals under the Directors Plan were frozen ef) Tj ET Q q 0 0 0 rg BT 373.76 568.10 Td (fective December31, 2003. ) Tj ET Q q 0 0 0 rg BT 488.99 568.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.49 568.10 Td (January31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 556.10 Td (, the Directors Plan did not hold any assets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (The annual measurement date for all plans for the fiscal years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.44 535.10 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.04 535.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.04 535.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.04 535.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.98 535.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.98 535.10 Td ( is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 535.10 Td (January 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.25 535.10 Td (. Ef) Tj ET Q q 0 0 0 rg BT 533.00 535.10 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (December31, 2003, the Company froze all future benefit accruals under the plans. Employees can continue to vest under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (benefits earned to date, but no covered participants will earn additional benefits under the plan freeze.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (Accounting policy regarding pensions requires management to make complex and subjective estimates and assumptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (relating to amounts which are inherently uncertain. ) Tj ET Q q 0 0 0 rg BT 258.92 478.10 Td (Three primary economic assumptions influence the reported values of plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (liabilities and pension costs. ) Tj ET Q q 0 0 0 rg BT 167.58 466.10 Td (The Company takes the following factors into consideration: discount rate, assumed rate of return ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (and rate of increase in compensation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.10 Td (The discount rate represents an estimate of the rate of return on a portfolio of high-quality fixed-income securities that would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.10 Td (provide cash flows that match the expected benefit payment stream from the plans. ) Tj ET Q q 0 0 0 rg BT 386.65 421.10 Td (When setting the discount rate, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.10 Td (Company utilizes a spot-rate yield curve developed from high-quality bonds currently available which reflects changes in rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.10 Td (that have occurred over the past year) Tj ET Q q 0 0 0 rg BT 196.60 397.10 Td (. ) Tj ET Q q 0 0 0 rg BT 203.92 397.10 Td (This assumption is sensitive to movements in market rates that have occurred since the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.10 Td (preceding valuation date, and therefore, may change from year to year) Tj ET Q q 0 0 0 rg BT 330.42 385.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (Because the Company froze future benefit accruals for all three defined benefit plans, the compensation increase assumption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (had no impact on pension expense, accumulated benefit obligation or projected benefit obligation for the period ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.60 340.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.60 340.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.60 340.10 Td ( or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.93 340.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.93 340.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (The assumed rate of return on plan assets represents an estimate of long-term returns available to investors who hold a mixture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (of stocks, bonds, and cash equivalent securities. ) Tj ET Q q 0 0 0 rg BT 246.16 307.10 Td (When setting its expected return on plan asset assumptions, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (considers long-term rates of return on various asset classes \(both historical and forecasted, using data collected from various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.10 Td (sources generally regarded as authoritative\) in the context of expected long-term average asset allocations for its defined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.10 Td (benefit pension plan. ) Tj ET Q q 0 0 0 rg BT 138.41 271.10 Td (T) Tj ET Q q 0 0 0 rg BT 143.82 271.10 Td (wo of the Company's defined benefit pension plans \(the ) Tj ET Q q 0 0 0 rg BT 369.00 271.10 Td (VIP) Tj ET Q q 0 0 0 rg BT 384.74 271.10 Td ( Plan and the Directors Plan\) are executive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (benefit plans that are not funded and are subject to the Company's creditors. Because these plans are not funded, the assumed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (rate of return has no impact on pension expense or the funded status of the plans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (The Company maintains a trust for and funds the pension obligations for the Employee Plan. ) Tj ET Q q 0 0 0 rg BT 423.64 226.10 Td (The board of directors appoints a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (Retirement Plan Committee that establishes a policy for investment and funding strategies. ) Tj ET Q q 0 0 0 rg BT 415.20 214.10 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.24 214.10 Td (70%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.57 214.10 Td ( of the trust ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (assets are managed by investment advisors and held in common trust funds with the balance managed by the Retirement Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (Committee. ) Tj ET Q q 0 0 0 rg BT 99.26 190.10 Td (The Retirement Plan Committee has established tar) Tj ET Q q 0 0 0 rg BT 304.58 190.10 Td (get asset allocations for its investment advisors, who invest the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (trust assets in a variety of institutional collective trust funds. ) Tj ET Q q 0 0 0 rg BT 293.38 178.10 Td (The long-term asset allocation tar) Tj ET Q q 0 0 0 rg BT 427.60 178.10 Td (get provided to the investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (advisors is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 166.10 Td (80%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.33 166.10 Td ( stock and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.38 166.10 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.71 166.10 Td ( bond, with maximum allocations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.19 166.10 Td (80%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.52 166.10 Td ( lar) Tj ET Q q 0 0 0 rg BT 353.38 166.10 Td (ge cap stocks, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.70 166.10 Td (30%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.03 166.10 Td ( small cap stocks, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.01 166.10 Td (30%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.34 166.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (international stock. ) Tj ET Q q 0 0 0 rg BT 128.96 154.10 Td (The Company has established a custom benchmark derived from a variety of stock and bond indices that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (are weighted to approximate the asset allocation provided to the investment advisors. ) Tj ET Q q 0 0 0 rg BT 395.28 142.10 Td (The investment advisors' performance is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (compared to the custom index as part of the evaluation of the investment advisors' performance. ) Tj ET Q q 0 0 0 rg BT 439.00 130.10 Td (The Retirement Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (Committee receives monthly reports from the investment advisors and meets periodically with them to discuss investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 85.10 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.10 85.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.54 85.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.54 85.10 Td (, the amount of the plan assets invested in bond or short-term investment funds was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.59 85.10 Td (14%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.92 85.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (12%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.33 73.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 120.99 73.10 Td (, and the balance of the trust was held in equity funds or investments. ) Tj ET Q q 0 0 0 rg BT 402.69 73.10 Td (The trust does not hold any Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (stock. ) Tj ET Q endstream endobj 115 0 obj <> endobj 116 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (During 2012 the pension plans were impacted by a reduction in discount rates and by a reduction in force. ) Tj ET Q q 0 0 0 rg BT 478.49 742.10 Td (A) Tj ET Q q 0 0 0 rg BT 485.16 742.10 Td ( reduction in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (discount rate caused the liability for pension obligations to increase by approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.91 730.10 Td ($2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.80 730.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.80 730.10 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.69 730.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.63 730.10 Td ($10,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.13 730.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (for the Employee Plan, the ) Tj ET Q q 0 0 0 rg BT 159.23 718.10 Td (VIP) Tj ET Q q 0 0 0 rg BT 174.98 718.10 Td ( Plan, and the Directors Plan, respectively) Tj ET Q q 0 0 0 rg BT 342.06 718.10 Td (. ) Tj ET Q q 0 0 0 rg BT 349.38 718.10 Td (The increase in liability resulted in a comparable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (increase to ) Tj ET Q q 0 0 0 rg BT 94.98 706.10 Td (AOCI. ) Tj ET Q q 0 0 0 rg BT 126.37 706.10 Td (As part of a cost reduction plan, the Company of) Tj ET Q q 0 0 0 rg BT 321.14 706.10 Td (fered benefits to employees who severed their employment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (with the Company) Tj ET Q q 0 0 0 rg BT 123.23 694.10 Td (. ) Tj ET Q q 0 0 0 rg BT 130.55 694.10 Td (The severance benefits were paid in cash and did not include any additional benefits payable from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (retirement plan, the benefit formula was structured to reward employees with significant years of service, the same employees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (who would have earned benefits prior to the Employee Plan freeze in 2003. ) Tj ET Q q 0 0 0 rg BT 356.29 670.10 Td (As a result of lar) Tj ET Q q 0 0 0 rg BT 422.76 670.10 Td (ge distributions paid from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (Employee Plan, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.76 658.10 Td ($760,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.26 658.10 Td ( settlement char) Tj ET Q q 0 0 0 rg BT 223.38 658.10 Td (ge for the Employee Plan was recorded in the fourth quarter) Tj ET Q q 0 0 0 rg BT 462.74 658.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (During 2013 the pension plans were impacted by a reduction in force. ) Tj ET Q q 0 0 0 rg BT 333.81 637.10 Td (Although the severance benefits were paid in cash and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (did not include any additional benefits payable from a retirement plan, the severance included employees with vested pension ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (benefits. ) Tj ET Q q 0 0 0 rg BT 88.97 613.10 Td (The pension trust made significant lump sum distributions to participants in the latter part of the year) Tj ET Q q 0 0 0 rg BT 492.37 613.10 Td (, resulting in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (settlement char) Tj ET Q q 0 0 0 rg BT 110.63 601.10 Td (ges in the third and fourth quarters. During 2013, the pension liability decreased due to increased discount rates. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (During 2014, the pension plans were impacted severely by a material decrease in discount rates and by application of a new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (mortality table. ) Tj ET Q q 0 0 0 rg BT 115.54 568.10 Td (A) Tj ET Q q 0 0 0 rg BT 122.21 568.10 Td ( reduction in the discount rate caused pension obligations to increase by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.13 568.10 Td ($5.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.03 568.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.03 568.10 Td ($1.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.92 568.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.86 568.10 Td ($0.02 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 556.10 Td ( for the Employee Plan, ) Tj ET Q q 0 0 0 rg BT 175.91 556.10 Td (VIP) Tj ET Q q 0 0 0 rg BT 191.65 556.10 Td ( Plan, and Director Plan, respectively) Tj ET Q q 0 0 0 rg BT 340.12 556.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (It is the Company's policy to contribute adequate funds to the trust accounts to cover benefit payments under the ) Tj ET Q q 0 0 0 rg BT 501.78 535.10 Td (VIP) Tj ET Q q 0 0 0 rg BT 517.52 535.10 Td ( Plan and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (Directors Plan and to maintain the funded status of the Employee Plan at a level which is adequate to avoid significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (restrictions to the Employee Plan under the Pension Protection ) Tj ET Q q 0 0 0 rg BT 302.46 511.10 Td (Act of 2006. ) Tj ET Q q 0 0 0 rg BT 355.04 511.10 Td (The Company contributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.52 511.10 Td ($2.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.41 511.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.41 511.10 Td ($1.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 499.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.83 499.10 Td ($2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.72 499.10 Td (, to the trust in 2014, 2013, and 2012, respectively) Tj ET Q q 0 0 0 rg BT 349.87 499.10 Td (. Contributions during 2015 will depend upon actual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (investment results and benefit payments, but are anticipated to be approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.35 487.10 Td ($2.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.24 487.10 Td (. During 2014, 2013, and 2012, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (the Company paid approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.08 475.10 Td ($580,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.58 475.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.58 475.10 Td ($564,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.08 475.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.52 475.10 Td ($561,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.02 475.10 Td ( respectively) Tj ET Q q 0 0 0 rg BT 373.18 475.10 Td (, in benefits per year under the non-qualified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (plans. It is anticipated that contributions to non-qualified plans will be approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.04 463.10 Td ($664,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.54 463.10 Td ( for 2015. ) Tj ET Q q 0 0 0 rg BT 477.14 463.10 Td (At January31, 2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (accumulated other comprehensive loss of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.26 451.10 Td ($22.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 451.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.98 451.10 Td ($20.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.87 451.10 Td ( net of tax\) is attributable to the pension ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (plans.) Tj ET Q endstream endobj 117 0 obj <> endobj 118 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (The following tables set forth \(in thousands\) the funded status of the Company) Tj ET Q q 0 0 0 rg BT 367.72 742.10 Td (s pension plans at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.04 742.10 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.64 742.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.58 742.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.58 742.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 705.60 512.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 679.60 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 679.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 679.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 679.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 679.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 679.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 679.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 679.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 679.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 679.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 679.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 679.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 653.60 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 653.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 653.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 653.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 653.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 653.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 653.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 653.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 653.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 653.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 653.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 653.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 627.60 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 627.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 627.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 627.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 627.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 627.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 627.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 627.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 627.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 627.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 627.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 627.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 601.60 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 601.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 601.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 601.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 601.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 601.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 601.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 601.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 601.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 601.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 601.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 601.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 575.60 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 575.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 575.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 575.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 575.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 575.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 575.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 575.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 575.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 575.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 575.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 575.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 549.60 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 549.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 549.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 549.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 549.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 549.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 549.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 549.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 549.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 549.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 549.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 549.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 523.60 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 523.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 523.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 523.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 523.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 523.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 523.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 523.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 523.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 523.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 523.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 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50.50 471.60 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 471.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 471.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 471.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 471.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 471.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 471.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 471.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 471.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 471.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 471.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 471.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 437.60 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 437.60 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/GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 411.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 411.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 411.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 411.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 411.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 411.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 411.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 411.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 411.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 377.60 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 377.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 377.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 377.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 377.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 377.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 377.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 377.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 377.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 377.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 377.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 377.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 351.60 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 351.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 351.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 351.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 351.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 351.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 351.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 351.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 351.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 351.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 351.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 351.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 309.60 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 309.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 309.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 309.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 309.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 309.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 309.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 309.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 309.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 309.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 309.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 309.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 283.60 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 283.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 283.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 283.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 283.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 283.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 283.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 283.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 283.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 283.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 283.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 283.60 55.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 718.6 m 267.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 718.6 m 271.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 718.6 m 326.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 718.6 m 385.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 718.6 m 389.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 718.6 m 444.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 718.6 m 503.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 718.6 m 507.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 718.6 m 562.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 718.6 m 267.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 705.6 m 267.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 718.6 m 326.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 705.6 m 326.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 718.6 m 385.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 705.6 m 385.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 718.6 m 444.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 705.6 m 444.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 718.6 m 503.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 705.6 m 503.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 718.6 m 562.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 705.6 m 562.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 588.6 m 503.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 588.6 m 267.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 576.6 m 267.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 574.6 m 267.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 588.6 m 326.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 576.6 m 326.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 574.6 m 326.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 588.6 m 385.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 576.6 m 385.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 574.6 m 385.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 588.6 m 444.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 576.6 m 444.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 574.6 m 444.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 576.6 m 503.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 574.6 m 503.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 588.6 m 562.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 576.6 m 562.5 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 574.6 m 562.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 497.6 m 385.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 497.6 m 503.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 497.6 m 267.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 485.6 m 267.5 485.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 483.6 m 267.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 497.6 m 326.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 485.6 m 326.5 485.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 483.6 m 326.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 485.6 m 385.5 485.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 483.6 m 385.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 497.6 m 444.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 485.6 m 444.5 485.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 483.6 m 444.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 485.6 m 503.5 485.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 483.6 m 503.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 497.6 m 562.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 485.6 m 562.5 485.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 483.6 m 562.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 458.6 m 267.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 458.6 m 326.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 458.6 m 385.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 458.6 m 444.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 458.6 m 503.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 458.6 m 562.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 411.6 m 267.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 411.6 m 385.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 411.6 m 503.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 399.6 m 267.5 399.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 397.6 m 267.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 411.6 m 326.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 399.6 m 326.5 399.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 397.6 m 326.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 399.6 m 385.5 399.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 397.6 m 385.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 411.6 m 444.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 399.6 m 444.5 399.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 397.6 m 444.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 399.6 m 503.5 399.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 397.6 m 503.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 411.6 m 562.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 399.6 m 562.5 399.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 397.6 m 562.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 351.6 m 267.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 351.6 m 385.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 351.6 m 503.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 339.6 m 267.5 339.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 337.6 m 267.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 351.6 m 326.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 339.6 m 326.5 339.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 337.6 m 326.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 339.6 m 385.5 339.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 337.6 m 385.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 351.6 m 444.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 339.6 m 444.5 339.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 337.6 m 444.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 339.6 m 503.5 339.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 337.6 m 503.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 351.6 m 562.5 351.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 339.6 m 562.5 339.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 337.6 m 562.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 270.6 m 267.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 270.6 m 385.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 270.6 m 503.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 258.6 m 267.5 258.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 256.6 m 267.5 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 270.6 m 326.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 258.6 m 326.5 258.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 256.6 m 326.5 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 258.6 m 385.5 258.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 256.6 m 385.5 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 270.6 m 444.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 258.6 m 444.5 258.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 256.6 m 444.5 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 258.6 m 503.5 258.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 256.6 m 503.5 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 270.6 m 562.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 258.6 m 562.5 258.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 256.6 m 562.5 256.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 709.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 243.30 722.83 Td (Employee Plan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.55 722.83 Td (VIP Plan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.30 722.83 Td (Directors Plan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 223.25 709.83 Td (1/31/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 282.25 709.83 Td (1/31/2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 341.25 709.83 Td (1/31/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.25 709.83 Td (1/31/2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 459.25 709.83 Td (1/31/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 518.25 709.83 Td (1/31/2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 697.68 Td (Change in Benefit Obligation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 684.55 Td (Benefit obligation at beg. of year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 683.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 683.85 Td (32,069) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 683.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 683.85 Td (32,840) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 683.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.30 683.85 Td (7,662) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 683.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.30 683.85 Td (8,054) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 683.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 683.85 Td (439) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 683.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 683.85 Td (468) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 671.55 Td (Service cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 256.30 670.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.30 670.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.30 670.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 670.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 670.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 670.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 658.55 Td (Interest cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.30 657.85 Td (1,260) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.30 657.85 Td (1,312) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 657.85 Td (350) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 657.85 Td (330) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 657.85 Td (17) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 657.85 Td (18) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 645.55 Td (Participant contributions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.30 644.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 644.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 644.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 644.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 632.55 Td (Amendments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.30 631.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 631.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 631.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 631.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 619.55 Td (Actuarial losses \(gains\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.30 618.85 Td (5,962) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.30 618.85 Td (596) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.30 618.85 Td (2,636) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.60 618.85 Td (\(176) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 618.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.30 618.85 Td (8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.60 618.85 Td (\(29) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 618.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 606.55 Td (Plan settlement) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 256.30 605.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.60 605.85 Td (\(2,148) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 605.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 605.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 605.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 593.55 Td (Benefits paid) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 243.60 592.85 Td (\(1,583) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.30 592.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 308.60 592.85 Td (\(531) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 592.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.60 592.85 Td (\(544) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.30 592.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.60 592.85 Td (\(546) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 592.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.60 592.85 Td (\(36) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 592.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.60 592.85 Td (\(18) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 592.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 580.55 Td (Benefit obligation at end of year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 579.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 579.85 Td (37,708) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 579.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 579.85 Td (32,069) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 579.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.30 579.85 Td (10,104) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 579.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.30 579.85 Td (7,662) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 579.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 579.85 Td (428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 579.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 579.85 Td (439) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 567.68 Td (Change in Plan Assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 554.55 Td (Fair value at beg. of year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 553.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 553.85 Td (18,168) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 553.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 553.85 Td (16,875) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 553.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.30 553.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 553.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 553.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 553.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 553.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 553.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 553.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 541.55 Td (Actual return on plan assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.30 540.85 Td (2,172) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.30 540.85 Td (2,122) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.30 540.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 540.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 540.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 540.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 528.55 Td (Company contributions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.30 527.85 Td (2,430) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.30 527.85 Td (1,850) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 527.85 Td (544) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 527.85 Td (546) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 527.85 Td (36) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 527.85 Td (18) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 515.55 Td (Settlements) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 256.30 514.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.60 514.85 Td (\(2,148) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 514.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 514.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 514.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 502.55 Td (Benefits paid) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 243.60 501.85 Td (\(1,583) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.30 501.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 308.60 501.85 Td (\(531) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 501.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.60 501.85 Td (\(544) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.30 501.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.60 501.85 Td (\(546) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 501.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.60 501.85 Td (\(36) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 501.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.60 501.85 Td (\(18) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 501.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 489.55 Td (Fair value at end of year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 488.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 488.85 Td (21,187) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 488.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 488.85 Td (18,168) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 488.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.30 488.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 488.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 488.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 488.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 488.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 488.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 488.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 476.68 Td (Funded Status) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 463.55 Td (Unfunded status of the plan) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 462.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.60 462.85 Td (\(16,521) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.30 462.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 462.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.60 462.85 Td (\(13,901) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 462.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 462.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.60 462.85 Td (\(10,104) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.30 462.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 462.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.60 462.85 Td (\(7,662) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 462.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 462.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.60 462.85 Td (\(428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 462.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 462.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.60 462.85 Td (\(439) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 462.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 450.68 Td (Amounts Recognized in Statement of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 442.68 Td (Financial Position) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 429.55 Td (Current liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 256.30 428.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.30 428.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.60 428.85 Td (\(613) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.30 428.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.60 428.85 Td (\(584) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 428.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 428.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.60 428.85 Td (\(66) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 428.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 416.55 Td (Non-current liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.60 415.85 Td (\(16,521) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.30 415.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.60 415.85 Td (\(13,901) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 415.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.60 415.85 Td (\(9,491) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.30 415.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.60 415.85 Td (\(7,078) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 415.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.60 415.85 Td (\(428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 415.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.60 415.85 Td (\(373) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 415.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 403.55 Td (Accrued benefit cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 402.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.60 402.85 Td (\(16,521) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.30 402.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 402.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.60 402.85 Td (\(13,901) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 402.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 402.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.60 402.85 Td (\(10,104) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.30 402.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 402.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.60 402.85 Td (\(7,662) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 402.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 402.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.60 402.85 Td (\(428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 402.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 402.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.60 402.85 Td (\(439) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 402.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 390.68 Td (Amounts Recognized in Statement of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 382.68 Td (Financial Position and Operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 369.55 Td (Accrued benefit liability) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 368.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.60 368.85 Td (\(16,521) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.30 368.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 368.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.60 368.85 Td (\(13,901) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 368.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 368.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.60 368.85 Td (\(10,104) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.30 368.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 368.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.60 368.85 Td (\(7,662) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 368.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 368.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.60 368.85 Td (\(428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 368.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 368.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.60 368.85 Td (\(439) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 368.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 356.55 Td (Accumulated other comp. loss \(gain\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 256.30 355.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 355.85 Td (14,235) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.30 355.85 Td (4,716) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.30 355.85 Td (2,259) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 355.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.60 355.85 Td (\(75) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 355.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 343.55 Td (Net amount recognized) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 342.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.60 342.85 Td (\(16,521) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.30 342.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 342.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.30 342.85 Td (334) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 342.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.60 342.85 Td (\(5,388) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.30 342.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 342.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.60 342.85 Td (\(5,403) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 342.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 342.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.60 342.85 Td (\(428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 342.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 342.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.60 342.85 Td (\(514) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 342.85 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 330.68 Td (Items not yet Recognized as a Component of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 322.68 Td (Net Periodic Pension Expense, Included in) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 314.68 Td (AOCI) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 301.55 Td (Unrecognized net actuarial loss \(gain\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 300.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 300.85 Td (17,992) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 300.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 300.85 Td (14,235) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 300.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.30 300.85 Td (4,716) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 300.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.30 300.85 Td (2,259) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 300.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.60 300.85 Td (\(37) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 300.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 300.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.60 300.85 Td (\(75) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 300.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 288.55 Td (Unamortized prior service costs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 256.30 287.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.30 287.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.30 287.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 287.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 287.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 287.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 275.55 Td (Net initial asset recognition) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 256.30 274.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.30 274.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.30 274.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 274.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 274.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 274.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 261.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 261.85 Td (17,992) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 261.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 261.85 Td (14,235) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 261.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.30 261.85 Td (4,716) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 261.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.30 261.85 Td (2,259) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 261.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.60 261.85 Td (\(37) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 261.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 261.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.60 261.85 Td (\(75) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 261.85 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 119 0 obj <> endobj 120 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (58) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 707.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 707.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 707.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 707.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 707.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 707.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 707.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 707.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 707.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 707.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 707.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 707.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 681.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 681.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 681.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 681.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 681.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 681.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 681.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 681.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 681.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 681.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 681.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 681.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 655.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 655.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 655.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 655.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 655.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 655.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 655.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 655.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 655.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 655.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 655.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 655.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 621.50 162.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 621.50 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 621.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 621.50 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 621.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 621.50 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 621.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 621.50 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 621.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 621.50 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 621.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 621.50 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 587.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 587.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 587.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 587.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 587.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 587.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 587.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 587.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 587.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 587.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 587.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 587.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 561.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 561.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 561.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 561.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 561.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 561.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 561.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 561.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 561.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 561.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 561.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 561.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 535.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 535.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 535.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 535.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 535.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 535.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 535.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 535.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 535.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 535.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 535.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 535.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 509.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 509.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 509.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 509.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 509.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 509.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 509.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 509.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 509.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 509.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 509.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 509.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 483.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 483.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 483.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 483.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 483.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 483.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 483.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 483.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 483.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 483.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 483.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 483.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 457.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 457.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 457.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 457.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 457.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 457.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 457.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 457.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 457.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 457.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 457.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 457.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 431.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 431.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 431.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 431.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 431.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 431.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 431.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 431.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 431.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 431.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 431.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 431.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 405.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 405.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 405.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 405.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 405.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 405.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 405.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 405.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 405.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 405.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 405.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 405.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 379.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 379.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 379.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 379.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 379.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 379.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 379.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 379.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 379.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 379.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 379.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 379.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 353.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 353.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 353.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 353.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 353.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 353.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 353.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 353.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 353.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 353.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 353.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 353.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 327.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 327.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 327.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 327.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 327.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 327.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 327.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 327.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 327.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 327.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 327.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 327.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 301.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 301.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 301.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 301.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 301.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 301.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 301.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 301.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 301.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 301.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 301.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 301.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 259.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 259.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 259.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 259.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 259.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 259.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 259.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 259.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 259.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 259.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 259.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 259.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 233.50 162.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 233.50 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 233.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 233.50 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 233.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 233.50 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 233.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 233.50 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 233.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 233.50 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 233.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 233.50 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 199.50 162.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 199.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 199.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 199.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 199.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 199.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 199.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 199.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 199.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 199.50 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 199.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 199.50 55.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 733.5 m 267.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 733.5 m 271.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 733.5 m 326.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 733.5 m 385.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 733.5 m 389.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 733.5 m 444.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 733.5 m 503.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 733.5 m 507.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 733.5 m 562.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 733.5 m 267.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 720.5 m 267.5 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 733.5 m 326.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 720.5 m 326.5 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 733.5 m 385.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 720.5 m 385.5 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 733.5 m 444.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 720.5 m 444.5 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 733.5 m 503.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 720.5 m 503.5 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 733.5 m 562.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 720.5 m 562.5 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 642.5 m 267.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 642.5 m 503.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 622.5 m 267.5 622.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 620.5 m 267.5 620.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 642.5 m 326.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 622.5 m 326.5 622.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 620.5 m 326.5 620.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 642.5 m 385.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 622.5 m 385.5 622.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 620.5 m 385.5 620.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 642.5 m 444.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 622.5 m 444.5 622.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 620.5 m 444.5 620.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 622.5 m 503.5 622.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 620.5 m 503.5 620.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 642.5 m 562.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 622.5 m 562.5 622.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 620.5 m 562.5 620.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 574.5 m 267.5 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 574.5 m 326.5 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 574.5 m 385.5 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 574.5 m 444.5 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 574.5 m 503.5 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 574.5 m 562.5 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 405.5 m 267.5 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 393.5 m 267.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 391.5 m 267.5 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 405.5 m 326.5 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 393.5 m 326.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 391.5 m 326.5 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 405.5 m 385.5 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 393.5 m 385.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 391.5 m 385.5 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 405.5 m 444.5 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 393.5 m 444.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 391.5 m 444.5 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 405.5 m 503.5 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 393.5 m 503.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 391.5 m 503.5 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 405.5 m 562.5 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 393.5 m 562.5 393.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 391.5 m 562.5 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 301.5 m 267.5 301.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 301.5 m 385.5 301.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 301.5 m 503.5 301.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 289.5 m 267.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 287.5 m 267.5 287.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 289.5 m 385.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 287.5 m 385.5 287.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 289.5 m 503.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 287.5 m 503.5 287.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 740.58 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 243.30 740.58 Td (Employee Plan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.55 740.58 Td (VIP Plan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.30 740.58 Td (Directors Plan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 223.25 724.73 Td (1/31/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 282.25 724.73 Td (1/31/2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 341.25 724.73 Td (1/31/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.25 724.73 Td (1/31/2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 459.25 724.73 Td (1/31/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 518.25 724.73 Td (1/31/2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 712.58 Td (Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 699.45 Td (Net loss \(gain\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 698.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 698.75 Td (4,893) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 698.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.60 698.75 Td (\(407) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.30 698.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 698.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.30 698.75 Td (2,636) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 698.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.60 698.75 Td (\(176) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.30 698.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 698.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 698.75 Td (8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 698.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.60 698.75 Td (\(29) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.30 698.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 686.45 Td (Prior service cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.30 685.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 685.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 673.45 Td (Amortization of \(loss\) gain) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.60 672.75 Td (\(1,136) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.30 672.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.60 672.75 Td (\(2,264) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.30 672.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.60 672.75 Td (\(178) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.30 672.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.60 672.75 Td (\(222) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.30 672.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 672.75 Td (31) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 672.75 Td (14) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 660.45 Td (Amortization of prior service cost \(credit\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.30 659.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.30 659.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 659.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 659.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 659.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 659.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 647.45 Td (Amortization of initial asset) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.30 646.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.30 646.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 646.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 646.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 646.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 646.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 633.75 Td (Total recognized in other comprehensive) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 625.75 Td (\(loss\) income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 625.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 625.75 Td (3,757) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 625.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.60 625.75 Td (\(2,671) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.30 625.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 625.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.30 625.75 Td (2,458) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 625.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.60 625.75 Td (\(398) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.30 625.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 625.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 625.75 Td (39) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 625.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.60 625.75 Td (\(15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.30 625.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 613.58 Td (Items to be Recognized as a Component of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 605.58 Td (Periodic Pension Cost for next fiscal year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 592.45 Td (Prior service cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 591.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.30 591.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 591.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.30 591.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 591.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 591.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 591.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 591.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 591.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 591.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 591.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 591.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 579.45 Td (Net actuarial loss \(gain\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 578.75 Td (1,529) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 578.75 Td (1,136) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 578.75 Td (484) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 578.75 Td (178) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 578.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.60 578.75 Td (\(31) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.30 578.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 565.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 565.75 Td (1,529) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 565.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 565.75 Td (1,136) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 565.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 565.75 Td (484) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 565.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 565.75 Td (178) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 565.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 565.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 565.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.60 565.75 Td (\(31) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.30 565.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 553.58 Td (Supplemental Data) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 540.45 Td (Projected benefit obligation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 539.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 238.25 539.75 Td (37,708) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 539.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.25 539.75 Td (32,069) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 539.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.25 539.75 Td (10,104) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 539.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.30 539.75 Td (7,662) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 539.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 539.75 Td (428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 539.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 539.75 Td (439) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 527.45 Td (Accumulated benefit obligation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 238.25 526.75 Td (37,708) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.25 526.75 Td (32,069) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.25 526.75 Td (10,104) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.30 526.75 Td (7,662) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 526.75 Td (428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 526.75 Td (439) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 514.45 Td (Fair value of plan assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 238.25 513.75 Td (21,187) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.25 513.75 Td (18,168) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 513.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 513.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 513.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 513.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 501.58 Td (Components of Net Cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 488.45 Td (Service cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 487.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.30 487.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 487.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.30 487.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 487.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 487.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 487.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 487.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 487.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 487.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 487.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 487.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 475.45 Td (Interest cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 474.75 Td (1,260) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 474.75 Td (1,312) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 474.75 Td (350) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 474.75 Td (330) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 474.75 Td (17) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 474.75 Td (18) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 462.45 Td (Expected return on plan assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.60 461.75 Td (\(1,102) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.30 461.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.60 461.75 Td (\(1,119) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.30 461.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 461.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 461.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 461.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 461.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 449.45 Td (Amortization of transition amount) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.30 448.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.30 448.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 448.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 448.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 448.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 448.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 436.45 Td (Recognized \(gain\) loss due to curtailments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.30 435.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.30 435.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 435.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 435.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 435.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 435.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 423.45 Td (Amortization of prior service cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.30 422.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.30 422.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.30 422.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 422.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 422.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 410.45 Td (Recognized net actuarial loss) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 409.75 Td (1,136) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 409.75 Td (2,264) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 409.75 Td (178) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 409.75 Td (222) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.60 409.75 Td (\(31) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.30 409.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.60 409.75 Td (\(14) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.30 409.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 397.45 Td (Benefit cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 396.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 396.75 Td (1,294) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 396.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.30 396.75 Td (2,457) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 396.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 396.75 Td (528) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.00 396.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 396.75 Td (552) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 396.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.60 396.75 Td (\(14) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.30 396.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 396.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 396.75 Td (4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 384.58 Td (Estimated Future Benefit Payments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 371.45 Td (FYE 01-31-2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 370.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 370.75 Td (4,789) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 370.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 370.75 Td (613) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 370.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 370.75 Td (51) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 358.45 Td (FYE 01-31-2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 357.75 Td (2,686) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 357.75 Td (339) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 357.75 Td (48) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 345.45 Td (FYE 01-31-2018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 344.75 Td (1,619) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 344.75 Td (325) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 344.75 Td (45) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 332.45 Td (FYE 01-31-2019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 331.75 Td (2,045) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 331.75 Td (350) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 331.75 Td (42) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 319.45 Td (FYE 01-31-2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 318.75 Td (1,737) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.30 318.75 Td (368) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 318.75 Td (39) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 306.45 Td (FYE 01-31-2021 to 2025) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 238.25 305.75 Td (11,117) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.30 305.75 Td (1,916) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 305.75 Td (148) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 293.45 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 292.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 238.25 292.75 Td (23,993) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.00 292.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.30 292.75 Td (3,911) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.00 292.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 292.75 Td (373) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 279.73 Td (W) Tj ET Q q 0 0 0 rg BT 60.56 279.73 Td (eighted ) Tj ET Q q 0 0 0 rg BT 87.00 279.73 Td (A) Tj ET Q q 0 0 0 rg BT 92.19 279.73 Td (verage ) Tj ET Q q 0 0 0 rg BT 116.40 279.73 Td (Assumptions to Determine ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 271.73 Td (Benefit Obligations at) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 263.73 Td (Y) Tj ET Q q 0 0 0 rg BT 57.89 263.73 Td (ear) Tj ET Q q 0 0 0 rg BT 68.70 263.73 Td (-End) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 251.45 Td (Discount rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.30 250.75 Td (3.25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.30 250.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.30 250.75 Td (4.25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.30 250.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.30 250.75 Td (3.50) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.30 250.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.30 250.75 Td (4.75) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.30 250.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.30 250.75 Td (3.25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.30 250.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 250.75 Td (4.25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.30 250.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 238.45 Td (Rate of compensation increase) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 250.65 237.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.65 237.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.65 237.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.65 237.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.65 237.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.65 237.75 Td (N/A) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 225.58 Td (Weighted Average Assumptions to Determine) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 217.58 Td (Net Periodic Pension Cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 204.45 Td (Discount rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.30 203.75 Td (4.25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.30 203.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.30 203.75 Td (4.00) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.30 203.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.30 203.75 Td (4.75) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.30 203.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.30 203.75 Td (4.25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.30 203.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.30 203.75 Td (4.25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.30 203.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 203.75 Td (4.00) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 555.30 203.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 191.45 Td (Expected return on plan assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 246.30 190.75 Td (6.50) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.30 190.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.30 190.75 Td (6.50) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.30 190.75 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.65 190.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.65 190.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.65 190.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.65 190.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 178.45 Td (Rate of compensation increase) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 250.65 177.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.65 177.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.65 177.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.65 177.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.65 177.75 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.65 177.75 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 121 0 obj <> endobj 122 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (59) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.45 742.25 Td (Fair) Tj ET Q q 0 0 0 rg BT 238.59 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 240.91 742.25 Td (V) Tj ET Q q 0 0 0 rg BT 247.22 742.25 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 300.08 742.25 Td (ements of Plan ) Tj ET Q q 0 0 0 rg BT 364.80 742.25 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.55 730.25 Td (Employee Plan) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 719.45 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 695.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 695.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 695.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 695.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 665.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 665.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 665.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 665.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 635.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 635.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 635.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 635.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 605.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 605.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 605.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 605.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 575.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 575.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 575.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 575.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 545.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 545.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 545.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 545.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 515.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 515.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 515.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 515.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 485.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 485.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 485.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 485.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 455.95 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 455.95 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 455.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 455.95 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 695.95 m 493.5 695.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 695.95 m 562.5 695.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 650.95 m 493.5 650.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 636.95 m 493.5 636.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 634.95 m 493.5 634.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 650.95 m 562.5 650.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 636.95 m 562.5 636.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 634.95 m 562.5 634.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 485.95 m 493.5 485.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 471.95 m 493.5 471.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 469.95 m 493.5 469.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 485.95 m 562.5 485.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 471.95 m 562.5 471.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 469.95 m 562.5 469.95 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.25 700.18 Td (1/31/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.25 700.18 Td (1/31/2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 686.52 Td (Level 1 Measurement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 671.52 Td (Cash& Cash Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 670.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 670.62 Td (528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 670.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 670.62 Td (372) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 656.52 Td (Common Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 655.62 Td (6,476) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 655.62 Td (5,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 641.52 Td (Total Level 1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 640.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 640.62 Td (7,004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 640.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 640.62 Td (5,457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 626.52 Td (Level 2 Measurement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 611.52 Td (Bond Index Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 610.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 610.62 Td (427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 610.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 610.62 Td (354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 596.52 Td (Core Bond CIT Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 595.62 Td (1,457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 595.62 Td (1,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 581.52 Td (US Aggregate Bond Index Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 580.62 Td (627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 580.62 Td (355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 566.52 Td (Large Cap Growth Index Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 565.62 Td (3,610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 565.62 Td (3,758) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 551.52 Td (Large Cap Value Index Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 550.62 Td (3,561) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 550.62 Td (2,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 536.52 Td (Russell 2000 Index Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 535.62 Td (1,499) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 535.62 Td (1,602) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 521.52 Td (International Equity Index Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 520.62 Td (1,653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 520.62 Td (1,359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 506.52 Td (Managed Investment Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 505.62 Td (1,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 505.62 Td (938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 491.52 Td (Vanguard MSCI Emerging Markets Fund) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 490.62 Td (274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 490.62 Td (408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 476.52 Td (Total Level 2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 475.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 475.62 Td (14,183) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 475.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 475.62 Td (12,711) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 461.52 Td (Level 3 Measurement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 446.52 Td (None) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.30 445.62 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.30 445.62 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 415.45 Td (401\(k\) Retir) Tj ET Q q 0 0 0 rg BT 101.75 415.45 Td (ement Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.45 Td (The Company) Tj ET Q q 0 0 0 rg BT 109.71 394.45 Td (s retirement plan, which covers all U.S. employees, allows participants to defer from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 394.45 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.33 394.45 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.11 394.45 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.44 394.45 Td ( of their eligible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.45 Td (compensation through a 401\(k\) retirement program. ) Tj ET Q q 0 0 0 rg BT 260.03 382.45 Td (Through December31, 2001, the plan included an employee stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.45 Td (ownership component. ) Tj ET Q q 0 0 0 rg BT 143.41 370.45 Td (The plan continues to include ) Tj ET Q q 0 0 0 rg BT 264.03 370.45 Td (V) Tj ET Q q 0 0 0 rg BT 270.65 370.45 Td (irco stock as one of the investment options. ) Tj ET Q q 0 0 0 rg BT 445.90 370.45 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.40 370.45 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.00 370.45 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.45 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 358.45 Td (, the plan held ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.15 358.45 Td (689,284) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.65 358.45 Td ( shares and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.58 358.45 Td (771,070) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.08 358.45 Td ( shares of ) Tj ET Q q 0 0 0 rg BT 281.72 358.45 Td (V) Tj ET Q q 0 0 0 rg BT 288.34 358.45 Td (irco stock, respectively) Tj ET Q q 0 0 0 rg BT 380.16 358.45 Td (. For the fiscal years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.40 358.45 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.99 358.45 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.45 Td (the Company made a small contribution to employees enrolled in the Plan in connection with an auto enrollment program. For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.45 Td (the fiscal years ended January 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.45 334.45 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.45 334.45 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.88 334.45 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.88 334.45 Td (, there was no employer match and therefore no compensation cost to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.45 Td (Company) Tj ET Q q 0 0 0 rg BT 88.24 322.45 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 296.45 Td (Life Insurance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.45 Td (The Company provided post-retirement life insurance to certain retired employees under the Dual Option Life Insurance Plan. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.45 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.26 263.45 Td (fective January 2004, the Company terminated this plan for active employees. ) Tj ET Q q 0 0 0 rg BT 376.20 263.45 Td (The Company has purchased split-dollar life ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.45 Td (insurance on the lives of the covered participants. Death benefits due to participants are approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.13 251.45 Td ($2,950,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.13 251.45 Td (. Cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.45 Td (surrender values of these policies, which are included in other assets in the consolidated balance sheets, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.46 239.45 Td ($2,924,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.46 239.45 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.45 Td ($3,076,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 227.45 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.22 227.45 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.82 227.45 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.25 227.45 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.25 227.45 Td (, respectively) Tj ET Q q 0 0 0 rg BT 267.92 227.45 Td (. Death benefits payable under the policies were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.45 Td ($5,696,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 215.45 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.44 215.45 Td ($5,990,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.44 215.45 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.66 215.45 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.25 215.45 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.69 215.45 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.69 215.45 Td (, respectively) Tj ET Q q 0 0 0 rg BT 332.35 215.45 Td (. Death benefits received under the Plan in excess of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.45 Td (benefit obligation will be retained in the trust and used to secure and fund benefits payable under the ) Tj ET Q q 0 0 0 rg BT 454.69 203.45 Td (VIP) Tj ET Q q 0 0 0 rg BT 470.43 203.45 Td ( Pension Plan. ) Tj ET Q q 0 0 0 rg BT 532.20 203.45 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.45 Td (Company maintains a rabbi trust to hold assets related to the Dual Option Life Insurance Plan. ) Tj ET Q q 0 0 0 rg BT 431.58 191.45 Td (All assets securing this plan are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.45 Td (held in the rabbi trust.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.45 Td (The following sets forth the Company's change in death benefits payable during the years ended January 31, 2015 and 2014:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 135.95 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 135.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 135.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 135.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 107.95 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 107.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 107.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 107.95 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 135.95000000000005 m 493.5 135.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 135.95000000000005 m 562.5 135.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 93.95000000000005 m 493.5 93.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 80.95000000000005 m 493.5 80.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 78.95000000000005 m 493.5 78.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 93.95000000000005 m 562.5 93.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 80.95000000000005 m 562.5 80.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 78.95000000000005 m 562.5 78.95000000000005 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.25 140.03 Td (1/31/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.25 140.03 Td (1/31/2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 126.52 Td (Liability beginning of year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 126.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 126.52 Td (2,401,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 126.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 126.52 Td (2,316,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 112.52 Td (Accretion expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 112.52 Td (104,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 112.52 Td (85,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 98.52 Td (Present value of death benefits paid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 98.57 Td (\(117,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 98.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 98.52 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 84.52 Td (Liability end of year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 84.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 84.52 Td (2,388,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 84.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 84.52 Td (2,401,000) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 123 0 obj <> endobj 124 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (60) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (5. Stock-Based Compensation and Stockholders) Tj ET Q q 0 0 0 rg BT 256.23 742.25 Td ( Rights) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 721.25 Td (Stock Incentive Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 700.25 Td (The Company's two stock plans are the 201) Tj ET Q q 0 0 0 rg BT 223.90 700.25 Td (1 Employee Stock Incentive Plan \(the 201) Tj ET Q q 0 0 0 rg BT 396.81 700.25 Td (1 Plan\) and the 2007 Employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.25 Td (Incentive Stock Plan \(the 2007 Plan\). Under the 201) Tj ET Q q 0 0 0 rg BT 267.63 688.25 Td (1 Plan, the Company may grant an aggregate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.90 688.25 Td (1,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.90 688.25 Td ( shares to its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.25 Td (employees and non-employee directors in the form of stock options or awards. Restricted stock or stock units awarded under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.25 Td (the 201) Tj ET Q q 0 0 0 rg BT 79.35 664.25 Td (1 Plan are expensed ratably over the vesting period of the awards. ) Tj ET Q q 0 0 0 rg BT 344.91 664.25 Td (The Company determines the fair value of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (restricted stock unit awards and related compensation expense as the dif) Tj ET Q q 0 0 0 rg BT 338.05 652.25 Td (ference between the market value of the awards on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (date of grant less the exercise price of the awards granted. ) Tj ET Q q 0 0 0 rg BT 286.66 640.25 Td (The Company granted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.58 640.25 Td (518,626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.08 640.25 Td ( awards during fiscal 2014. ) Tj ET Q q 0 0 0 rg BT 521.61 640.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.60 628.25 Td (, there were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.27 628.25 Td (878,694) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.77 628.25 Td ( shares available for future issuance under the 201) Tj ET Q q 0 0 0 rg BT 460.88 628.25 Td (1 Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 607.25 Td (Under the 2007 Plan, the Company may grant an aggregate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.48 607.25 Td (1,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.48 607.25 Td ( shares to its employees and non-employee directors in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.25 Td (the form of stock options or awards. Restricted stock or stock units awarded under the 2007 Plan are expensed ratably over the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.25 Td (vesting period of the awards. ) Tj ET Q q 0 0 0 rg BT 168.12 583.25 Td (The Company determines the fair value of its restricted stock unit awards and related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.25 Td (compensation expense as the dif) Tj ET Q q 0 0 0 rg BT 179.22 571.25 Td (ference between the market value of the awards on the date of grant less the exercise price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.25 Td (the awards granted. ) Tj ET Q q 0 0 0 rg BT 130.34 559.25 Td (The Company granted no awards during fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.84 559.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.84 559.25 Td (. ) Tj ET Q q 0 0 0 rg BT 345.29 559.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.74 559.25 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.33 559.25 Td (, there were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.25 Td (13,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 547.25 Td ( shares available for future issuance under the 2007 Plan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 521.25 Td (Accounting for) Tj ET Q q 0 0 0 rg BT 113.98 521.25 Td ( the Plans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 495.25 Td (Restricted Stock Unit ) Tj ET Q q 0 0 0 rg BT 143.60 495.25 Td (A) Tj ET Q q 0 0 0 rg BT 150.08 495.25 Td (wards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 474.25 Td (The following table presents a summary of restricted stock and stock unit awards:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 399.75 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 399.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 399.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 399.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 399.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 399.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 399.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 399.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 399.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 399.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 399.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 371.75 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 371.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 371.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 371.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 371.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 371.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 371.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 371.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 371.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 371.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 371.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 343.75 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 343.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 343.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 343.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 343.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 343.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 343.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 343.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 343.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 343.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 343.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 315.75 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 315.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 315.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 315.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 315.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 315.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 315.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 315.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 315.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 315.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 315.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 287.75 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 287.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 287.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 287.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 287.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 287.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 287.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 287.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 287.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 287.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 287.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 259.75 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 259.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 259.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 259.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 259.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 259.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 259.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 259.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 259.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 259.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 259.75 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 231.75 137.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 231.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 231.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 231.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 231.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 231.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 231.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 231.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 231.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 231.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 231.75 74.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 413.75 m 187.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187.5 413.75 m 244.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 413.75 m 301.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 413.75 m 362.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 413.75 m 423.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 413.75 m 484.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 413.75 m 562.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 413.75 m 187.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187.5 413.75 m 244.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 413.75 m 301.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 413.75 m 362.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 413.75 m 423.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 413.75 m 484.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 413.75 m 562.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 217.75 m 305.5 217.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 217.75 m 362.5 217.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 217.75 m 423.5 217.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 217.75 m 484.5 217.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 217.75 m 562.5 217.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 204.75 m 305.5 204.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 202.75 m 305.5 202.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 204.75 m 362.5 204.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 202.75 m 362.5 202.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 204.75 m 423.5 204.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 202.75 m 423.5 202.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 204.75 m 484.5 204.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 202.75 m 484.5 202.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 204.75 m 562.5 204.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 202.75 m 562.5 202.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 439.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.30 438.98 Td (Expense for 12 months ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 501.50 454.98 Td (Unr) Tj ET Q q 0 0 0 rg BT 515.13 454.98 Td (ecognized) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.30 446.98 Td (Compensation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.85 438.98 Td (Cost at) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 418.20 Td (Date of Grants) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 205.20 426.15 Td (Units) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 199.25 417.15 Td (Granted) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 255.50 426.15 Td (Terms of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 258.40 417.15 Td (Vesting) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.25 417.98 Td (1/31/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.25 417.98 Td (1/31/2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.25 417.98 Td (1/31/2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.75 417.98 Td (1/31/2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 404.20 Td (2011 Stock Incentive Plan) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 390.21 Td (06/24/2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.10 390.21 Td (28,626) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 261.35 390.21 Td (1 year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 390.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 334.25 390.21 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9.00 Tf ET q 0 0 0 rg BT 451.75 306.21 Td (111,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 306.21 Td (366,000) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 292.20 Td (2007 Stock Incentive Plan) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 278.21 Td (06/19/2012) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.10 278.21 Td (78,125) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 261.35 278.21 Td (1 year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.00 278.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.25 278.21 Td (41,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.25 278.21 Td (82,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 278.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 264.21 Td (03/21/2012) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.10 264.21 Td (40,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 253.25 264.21 Td (Immediate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.00 264.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 264.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.25 264.21 Td (80,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 264.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 250.21 Td (06/21/2011) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 203.10 250.21 Td (68,960) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 261.35 250.21 Td (1 year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.00 250.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 250.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.25 250.21 Td (67,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 250.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 236.21 Td (06/16/2009) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 200.85 236.21 Td (382,500) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.60 236.21 Td (5 years) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 334.25 236.21 Td (62,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.75 236.21 Td (198,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.75 236.21 Td (226,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 236.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 222.21 Td (06/19/2007) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 200.85 222.21 Td (262,500) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.60 222.21 Td (5 years) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 350.00 222.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 222.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.25 222.21 Td (99,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 222.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 209.01 Td (Totals for the period) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 208.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.75 208.21 Td (502,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 369.00 208.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 390.75 208.21 Td (523,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.00 208.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.75 208.21 Td (698,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.00 208.21 Td ($) Tj ET 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0 0 0 rg BT 271.90 691.83 Td (W) Tj ET Q q 0 0 0 rg BT 279.46 691.83 Td (eighted-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 269.00 683.83 Td (averagefair) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 276.05 675.83 Td (value of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.10 667.83 Td (r) Tj ET Q q 0 0 0 rg BT 276.51 667.83 Td (estricted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 271.15 659.83 Td (stock units) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.95 667.83 Td (Restricted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.15 659.83 Td (stock units) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.90 691.83 Td (W) Tj ET Q q 0 0 0 rg BT 401.46 691.83 Td (eighted-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.00 683.83 Td (averagefair) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.05 675.83 Td (value of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.10 667.83 Td (r) Tj ET Q q 0 0 0 rg BT 398.51 667.83 Td (estricted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.15 659.83 Td (stock units) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.95 667.83 Td (Restricted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.15 659.83 Td (stock units) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.90 691.83 Td (W) Tj ET Q q 0 0 0 rg BT 523.46 691.83 Td (eighted-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.00 683.83 Td (averagefair) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.05 675.83 Td (value of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.10 667.83 Td (r) Tj ET Q q 0 0 0 rg BT 520.51 667.83 Td (estricted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.15 659.83 Td (stock units) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 646.17 Td (Outstanding at beginning of year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.15 645.27 Td (544,430) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.00 645.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 645.27 Td (1.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.15 645.27 Td (743,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.00 645.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 645.27 Td (1.89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 645.27 Td (290,960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.00 645.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 645.27 Td (3.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 631.17 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.15 630.27 Td (518,626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 630.27 Td (2.61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 630.27 Td (99,430) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 630.27 Td (2.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 630.27 Td (669,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 630.27 Td (1.62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 616.17 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.80 615.27 Td (\(232,430) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.65 615.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 615.27 Td (2.38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.80 615.32 Td (\(260,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 615.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 615.27 Td (2.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.80 615.32 Td (\(204,960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 615.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 615.27 Td (3.63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 601.17 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.80 600.27 Td (\(18,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.65 600.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 600.27 Td (2.61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.80 600.32 Td (\(38,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 600.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 600.27 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.80 600.32 Td (\(12,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 600.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 600.27 Td (3.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 586.17 Td (Outstanding at end of year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.15 585.27 Td (812,626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 585.27 Td (1.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.15 585.27 Td (544,430) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 585.27 Td (1.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 585.27 Td (743,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 585.27 Td (1.89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 571.17 Td (Weighted-average fair value of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 561.17 Td (restricted stock units granted during) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 551.17 Td (the year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.00 550.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 550.27 Td (2.61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.00 550.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 550.27 Td (2.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.00 550.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 550.27 Td (1.62) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (The aggregate fair value of restricted stock unit awards vested during fiscal years 2014, 2013 and 2012 was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.86 520.10 Td ($553,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.36 520.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td ($523,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.50 508.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.94 508.10 Td ($744,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.44 508.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 197.10 508.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 482.10 Td (6. Income ) Tj ET Q q 0 0 0 rg BT 93.98 482.10 Td (T) Tj ET Q q 0 0 0 rg BT 99.73 482.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 461.10 Td (The income tax expense \(benefit\)for the last three years is reconciled to the statutory federal income tax rate using the liability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.10 Td (method as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 406.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 406.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 406.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 406.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 406.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 406.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 378.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 378.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 378.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 378.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 378.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 378.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 350.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 350.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 350.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 350.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 350.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 350.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 322.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 322.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 322.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 322.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 322.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 322.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 406.6 m 424.5 406.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 406.6 m 493.5 406.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 406.6 m 562.5 406.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 322.6 m 424.5 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 309.6 m 424.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 307.6 m 424.5 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 322.6 m 493.5 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 309.6 m 493.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 307.6 m 493.5 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 322.6 m 562.5 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 309.6 m 562.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 307.6 m 562.5 307.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 430.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.10 430.68 Td (Year ended January31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.50 410.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 410.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 410.83 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 397.17 Td (Statutory) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 397.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 397.17 Td (312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 397.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 397.22 Td (\(929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 397.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 397.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 397.22 Td (\(1,373) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 397.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 383.17 Td (State taxes \(net of federal tax\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 383.17 Td (144) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 383.22 Td (\(47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 383.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 383.22 Td (\(124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 383.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 369.17 Td (Change in valuation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 369.22 Td (\(248) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 369.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 369.22 Td (\(253) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 369.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 369.17 Td (1,480) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 355.17 Td (State rate adjustment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.30 355.22 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 355.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 355.17 Td (82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 355.17 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 341.17 Td (Change in unrecognized tax benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 341.22 Td (\(19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 341.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 341.22 Td (\(32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 341.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 341.22 Td (\(246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 341.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 327.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 327.22 Td (\(112) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 327.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 327.17 Td (176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 327.17 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 313.17 Td (Income tax expense \(benefit\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 313.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 313.17 Td (69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 313.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 313.22 Td (\(1,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 313.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 313.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 313.22 Td (\(209) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 313.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.10 Td (Significant components of the expense \(benefit\)for income taxes \(in thousands\) attributed to continuing operations are as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 276.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 219.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 219.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 219.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 219.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 219.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 219.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 191.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 191.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 191.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 191.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 191.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 191.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 163.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 163.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 163.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 163.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 163.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 163.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 135.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 135.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 135.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 135.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 135.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 135.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 107.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 107.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 107.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 107.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 107.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 107.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 233.60000000000002 m 424.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 233.60000000000002 m 493.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 233.60000000000002 m 562.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 191.60000000000002 m 424.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 191.60000000000002 m 493.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 191.60000000000002 m 562.5 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 135.60000000000002 m 424.5 135.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 135.60000000000002 m 493.5 135.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 135.60000000000002 m 562.5 135.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 107.60000000000002 m 424.5 107.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 107.60000000000002 m 493.5 107.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 107.60000000000002 m 562.5 107.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 93.60000000000002 m 424.5 93.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 80.60000000000002 m 424.5 80.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 78.60000000000002 m 424.5 78.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 93.60000000000002 m 493.5 93.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 80.60000000000002 m 493.5 80.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 78.60000000000002 m 493.5 78.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 93.60000000000002 m 562.5 93.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 80.60000000000002 m 562.5 80.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 78.60000000000002 m 562.5 78.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 257.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.10 257.68 Td (Year ended January31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 237.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.50 237.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 237.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 237.83 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 224.17 Td (Current) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 210.17 Td (Federal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 210.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 210.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 210.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 210.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 210.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 210.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 196.17 Td (State) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 196.17 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 196.22 Td (\(24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 196.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 196.22 Td (\(275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 196.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 182.17 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 182.22 Td (\(23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 182.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 182.22 Td (\(275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 182.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 168.17 Td (Deferred) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 154.17 Td (Federal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 154.17 Td (232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 154.22 Td (\(753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 154.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 154.22 Td (\(1,192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 154.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 140.17 Td (State) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 140.17 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 140.17 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 140.22 Td (\(223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 140.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 126.17 Td (280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 126.22 Td (\(730) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 126.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 126.22 Td (\(1,415) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 126.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 112.17 Td (Change in Valuation Allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 112.22 Td (\(246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 112.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 112.22 Td (\(250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 112.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 112.17 Td (1,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 98.17 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 98.22 Td (\(980) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 98.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 98.17 Td (66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 84.17 Td (Income tax expense \(benefit\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 84.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 84.17 Td (69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 84.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 84.22 Td (\(1,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 84.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 84.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 84.22 Td (\(209) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 84.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 127 0 obj <> endobj 128 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Deferred tax assets and liabilities \(in thousands\) are comprised of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 707.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 707.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 707.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 707.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 679.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 679.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 679.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 679.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 651.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 651.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 651.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 651.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 623.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 623.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 623.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 623.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 595.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 595.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 595.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 595.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 567.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 567.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 567.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 567.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 539.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 539.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 539.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 539.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 511.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 511.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 511.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 511.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 483.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 483.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 483.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 483.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 455.60 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 455.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 455.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 455.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 707.6 m 493.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 707.6 m 562.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 581.6 m 493.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 581.6 m 562.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 525.6 m 493.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 525.6 m 562.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 497.6 m 493.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 497.6 m 562.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 484.6 m 493.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 482.6 m 493.5 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 484.6 m 562.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 482.6 m 562.5 482.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 723.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.60 723.68 Td (Year ended January31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 711.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 711.68 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 711.68 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 698.17 Td (Deferred tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 684.17 Td (Accrued vacation and sick leave) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 684.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 684.17 Td (1,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 684.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 684.17 Td (913) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 670.17 Td (Retirement plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 670.17 Td (10,887) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 670.17 Td (8,960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 656.17 Td (Insurance reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 656.17 Td (830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 656.17 Td (956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 642.17 Td (Warranty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 642.17 Td (487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 642.17 Td (481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 628.17 Td (Net operating loss carryforwards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 628.17 Td (13,303) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 628.17 Td (12,494) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 614.17 Td (Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 614.17 Td (145) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 614.17 Td (207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 600.17 Td (Inventory) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 600.17 Td (1,472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 600.17 Td (1,590) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 586.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 586.17 Td (595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 586.17 Td (907) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 572.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 572.17 Td (28,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 572.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 572.17 Td (26,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 558.17 Td (Deferred tax liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 544.17 Td (Tax in excess of book depreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 544.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 544.22 Td (\(1,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 544.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 544.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 544.22 Td (\(1,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 544.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 530.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 530.22 Td (\(85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 530.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 530.22 Td (\(76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 530.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 516.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 516.22 Td (\(1,543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 516.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 516.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 516.22 Td (\(1,483) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 516.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 502.17 Td (Valuation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 502.22 Td (\(26,399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 502.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 502.22 Td (\(24,210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 502.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 488.17 Td (Net deferred tax asset) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 488.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 488.17 Td (780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 488.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 488.17 Td (815) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 474.17 Td (Reported as:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 460.17 Td (Current deferred tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 460.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 460.17 Td (156) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 460.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 460.17 Td (203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 446.17 Td (Long-term deferred tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 446.17 Td (624) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 446.17 Td (611) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.10 Td (The following table summarizes the activity related to our gross unrecognized tax benefits from February1, 2013 to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.10 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.60 409.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 372.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 372.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 372.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 372.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 342.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 342.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 342.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 342.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 312.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 312.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 312.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 312.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 282.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 282.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 282.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 282.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 372.6 m 493.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 372.6 m 562.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 282.6 m 493.5 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 268.6 m 493.5 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 266.6 m 493.5 266.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 282.6 m 562.5 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 268.6 m 562.5 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 266.6 m 562.5 266.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 389.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.75 389.83 Td (January31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 376.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 376.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 376.83 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 363.17 Td (Balances as of February1,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 362.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 362.27 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 362.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 362.27 Td (106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 348.17 Td (Increases related to prior year tax positions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 347.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 347.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 333.17 Td (Decreases related to prior year tax positions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 332.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 332.32 Td (\(9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 332.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 318.17 Td (Increases related to current year tax positions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 317.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 317.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 302.27 Td (Decreases relating to settlements with taxing authorities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 302.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 302.32 Td (\(19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 302.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 288.17 Td (Decreases related to lapsing of statute of limitations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 287.32 Td (\(25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 287.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 287.32 Td (\(31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 287.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 273.17 Td (Balance as of January31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 272.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 272.27 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 272.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 272.27 Td (52) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 247.10 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.10 247.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 192.48 247.10 Td (s unrecognized tax benefits associated with uncertain tax positions were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.94 247.10 Td ($36,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.44 247.10 Td (, of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.10 Td ($24,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 235.10 Td ( if recognized, would favorably af) Tj ET Q q 0 0 0 rg BT 218.37 235.10 Td (fect the ef) Tj ET Q q 0 0 0 rg BT 258.16 235.10 Td (fective tax rate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (which is consistent with the recognition of the items in prior reporting. ) Tj ET Q q 0 0 0 rg BT 335.04 202.10 Td (The Company had recorded a liability for interest and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (penalties related to unrecognized tax benefits of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.09 190.10 Td ($6,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.59 190.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.80 190.10 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.40 190.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.34 190.10 Td ($16,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.84 190.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.06 190.10 Td (January31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.66 190.10 Td (. ) Tj ET Q q 0 0 0 rg BT 492.48 190.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (closed its IRS examination for its tax return for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 178.10 Td (January31, 201) Tj ET Q q 0 0 0 rg BT 365.38 178.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.38 178.10 Td ( with no changes. ) Tj ET Q q 0 0 0 rg BT 445.18 178.10 Td (The Company is currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (under IRS examination for the year ended January 31, 2013. No adjustments have been proposed. ) Tj ET Q q 0 0 0 rg BT 448.05 166.10 Td (The years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (January31, 2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.60 154.10 Td ( and forward remain open for examination by the IRS. ) Tj ET Q q 0 0 0 rg BT 340.58 154.10 Td (The fiscal years ended January31, 201) Tj ET Q q 0 0 0 rg BT 495.98 154.10 Td (1 and forward ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (remain open for examination by state tax authorities. ) Tj ET Q q 0 0 0 rg BT 263.36 142.10 Td (The Company is not currently under state examination.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (During 2014 and 2013, the Company completed ) Tj ET Q q 0 0 0 rg BT 245.34 121.10 Td (T) Tj ET Q q 0 0 0 rg BT 250.75 121.10 Td (exas income tax examinations of the tax years ending January 31, 2008 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.10 Td (2009, respectively) Tj ET Q q 0 0 0 rg BT 122.66 109.10 Td (. ) Tj ET Q q 0 0 0 rg BT 129.98 109.10 Td (The examination did not materially impact the Consolidated Statements of Operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (The specific timing of when the resolution of each tax position will be reached is uncertain. ) Tj ET Q q 0 0 0 rg BT 417.94 88.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.39 88.10 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.99 88.10 Td (, it is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (reasonably possible that unrecognized tax benefits will decrease by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.29 76.10 Td ($8,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.79 76.10 Td ( within the next ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.78 76.10 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.78 76.10 Td (months due to the expiration of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (the statute of limitations.) Tj ET Q endstream endobj 129 0 obj <> endobj 130 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (or all of the deferred tax assets will not be realized. ) Tj ET Q q 0 0 0 rg BT 259.46 730.10 Td (The ultimate realization of deferred tax assets is dependent upon the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (generation of future taxable income or reversal of deferred tax liabilities during the periods in which those temporary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 706.10 Td (ferences become deductible. ) Tj ET Q q 0 0 0 rg BT 179.30 706.10 Td (The Company considers the scheduled reversal of deferred tax liabilities, projected future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (taxable income, and tax planning strategies in making this assessment. ) Tj ET Q q 0 0 0 rg BT 336.33 694.10 Td (A) Tj ET Q q 0 0 0 rg BT 343.00 694.10 Td ( valuation allowance was recorded against the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (majority of the net deferred tax assets totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.05 682.10 Td ($26,399,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.05 682.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.49 682.10 Td ($24,210,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.49 682.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.71 682.10 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.30 682.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.74 682.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.74 682.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 528.40 682.10 Td (. ) Tj ET Q q 0 0 0 rg BT 532.85 682.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.60 670.10 Td (, the Company had net operating loss carryforwards for federal and state income tax purposes, expiring at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (various dates through 2035. ) Tj ET Q q 0 0 0 rg BT 165.54 658.10 Td (At January 31, 2015, the Company had federal and state net operating loss carryforwards of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 646.10 Td ($26,340,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.26 646.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.70 646.10 Td ($54,332,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.70 646.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 282.36 646.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 620.10 Td (7. Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (The Company has operating leases on real property and equipment that expire at various dates. ) Tj ET Q q 0 0 0 rg BT 431.92 599.10 Td (The ) Tj ET Q q 0 0 0 rg BT 449.79 599.10 Td (T) Tj ET Q q 0 0 0 rg BT 455.20 599.10 Td (orrance, CA) Tj ET Q q 0 0 0 rg BT 503.51 599.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.10 Td (manufacturing and distribution facility is leased under a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.04 587.10 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.04 587.10 Td (-year operating lease that expires on February28, 2020. One of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.10 Td (Conway) Tj ET Q q 0 0 0 rg BT 82.68 575.10 Td (, ) Tj ET Q q 0 0 0 rg BT 87.13 575.10 Td (AR manufacturing facilities is leased under a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.12 575.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.12 575.10 Td (-year operating lease that expires on March31, 2018. ) Tj ET Q q 0 0 0 rg BT 498.20 575.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.10 Td (leases machinery and equipment under a 5-year operating lease arrangement. ) Tj ET Q q 0 0 0 rg BT 360.51 563.10 Td (The Company has the option of buying out the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.10 Td (assets at the end of the lease period. ) Tj ET Q q 0 0 0 rg BT 195.60 551.10 Td (The Company leases trucks, automobiles, and forklifts under operating leases that include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (certain fleet management and maintenance services. Certain of the leases contain renewal or purchase options and require ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td (payment for property taxes and insurance. ) Tj ET Q q 0 0 0 rg BT 220.59 527.10 Td (The Company records rent expense on a straight-line basis based on contractual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (lease payments. ) Tj ET Q q 0 0 0 rg BT 115.26 515.10 Td (Allowances from lessors for tenant improvements have been included in the straight-line rent expense for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 Td (applicable locations. ) Tj ET Q q 0 0 0 rg BT 134.51 503.10 Td (T) Tj ET Q q 0 0 0 rg BT 139.92 503.10 Td (enant improvements are capitalized and depreciated over the remaining life of the applicable lease.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.10 Td (Minimum future lease payments \(in thousands\) for operating leases in ef) Tj ET Q q 0 0 0 rg BT 340.30 482.10 Td (fect as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.44 482.10 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.04 482.10 Td (, are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 458.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 458.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 430.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 430.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 402.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 402.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 373.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 373.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 345.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 345.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 373.6 m 562.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 345.6 m 562.5 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 332.6 m 562.5 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 330.6 m 562.5 330.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 462.83 Td (Year ending January31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.00 462.85 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 449.17 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 449.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 449.17 Td (3,364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 435.17 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 435.17 Td (4,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 421.17 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 421.17 Td (4,541) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 407.17 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 407.17 Td (4,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 393.17 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 393.17 Td (4,157) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 379.17 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 378.27 Td (347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 364.17 Td (Total minimum lease payments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 364.17 Td (20,644) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 350.17 Td (Less sublease revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 350.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 336.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 336.17 Td (20,644) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.10 Td (Rent expense relating to operating leases was as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 288.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 288.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 260.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 260.60 65.00 -14.00 re f /GS0 gs BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 292.68 Td (Year ended January31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.00 292.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 279.17 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 279.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 279.17 Td (6,025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 265.17 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 265.17 Td (6,555) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 251.17 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 251.17 Td (6,629) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (The Company has issued purchase commitments for raw materials at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.26 226.10 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.86 226.10 Td (, of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.94 226.10 Td ($9,664,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.94 226.10 Td (. ) Tj ET Q q 0 0 0 rg BT 522.76 226.10 Td (There ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (were no commitments in excess of normal operating requirements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 188.10 Td (8. Contingencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.10 Td (The Company and other furniture manufacturers are subject to federal, state and local laws and regulations relating to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.10 Td (dischar) Tj ET Q q 0 0 0 rg BT 78.70 155.10 Td (ge of materials into the environment and the generation, handling, storage, transportation and disposal of waste and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.10 Td (hazardous materials. ) Tj ET Q q 0 0 0 rg BT 134.51 143.10 Td (The Company has expended, and expects to continue to spend, significant amounts in the future to comply ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.10 Td (with environmental laws. Normal recurring expenses relating to operating the Company factories in a manner that meets or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.10 Td (exceeds environmental laws are matched to the cost of producing inventory) Tj ET Q q 0 0 0 rg BT 351.47 119.10 Td (. Despite the Company) Tj ET Q q 0 0 0 rg BT 445.90 119.10 Td (s significant dedication to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.10 Td (operating in compliance with applicable laws, there is a risk that the Company could fail to comply with a regulation or that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.10 Td (applicable laws and regulations change. On these occasions, the Company records liabilities for remediation costs when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.10 Td (remediation costs are probable and can be reasonably estimated.) Tj ET Q endstream endobj 131 0 obj <> endobj 132 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (The Company is subject to contingencies pursuant to environmental laws and regulations that in the future may require the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Company to take action to correct the ef) Tj ET Q q 0 0 0 rg BT 210.59 730.10 Td (fects on the environment of prior disposal practices or releases of chemical or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (petroleum substances by the Company or other parties. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (The Company has a self-insured retention for product and general liability losses up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.80 697.10 Td ($250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.30 697.10 Td ( per occurrence, workers) Tj ET Q q 0 0 0 rg BT 537.72 697.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (compensation liability losses up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.82 685.10 Td ($250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.32 685.10 Td ( per occurrence, and for automobile liability losses up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.31 685.10 Td ($50,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.81 685.10 Td ( per occurrence. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (The Company has purchased insurance to cover losses in excess of the retention up to a limit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.90 673.10 Td ($30,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.90 673.10 Td (. ) Tj ET Q q 0 0 0 rg BT 489.72 673.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (has obtained an actuarial estimate of its total expected future losses for liability claims and recorded a liability equal to the net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (present value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.36 649.10 Td ($2,130,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.36 649.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.80 649.10 Td ($2,425,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.80 649.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.02 649.10 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.62 649.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.05 649.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.05 649.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 398.72 649.10 Td (, based upon the Company) Tj ET Q q 0 0 0 rg BT 507.87 649.10 Td (s estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (payout period of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.59 637.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.14 637.10 Td ( years using a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.35 637.10 Td (0.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.18 637.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.62 637.10 Td (0.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.45 637.10 Td ( discount rate, respectively) Tj ET Q q 0 0 0 rg BT 358.98 637.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 616.10 Td (orkers) Tj ET Q q 0 0 0 rg BT 86.22 616.10 Td ( compensation, automobile, general and product liability claims may be asserted in the future for events not currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (known by management. Management does not anticipate that any related settlement, after consideration of the existing reserve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (for claims incurred and potential insurance recovery) Tj ET Q q 0 0 0 rg BT 258.15 592.10 Td (, would have a material adverse ef) Tj ET Q q 0 0 0 rg BT 394.85 592.10 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 481.22 592.10 Td (s financial position, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (results of operations or cash flows. Estimated payments under the self-insurance programs are as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 557.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 557.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 529.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 529.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 501.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 501.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 473.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 473.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 445.60 447.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 445.60 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 473.6 m 562.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 445.6 m 562.5 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 432.6 m 562.5 432.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 430.6 m 562.5 430.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 561.68 Td (Year ending January31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.00 561.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 548.17 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 548.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 548.17 Td (400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 534.17 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 534.17 Td (375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 520.17 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 520.17 Td (375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 506.17 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 506.17 Td (375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 492.17 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 492.17 Td (375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 478.17 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 478.17 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 464.17 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 464.17 Td (2,150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 450.17 Td (Discount to net present value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 450.22 Td (\(20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 450.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 436.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 436.17 Td (2,130) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 411.10 Td (The Company and its subsidiaries are defendants in various legal proceedings resulting from operations in the normal course of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 399.10 Td (business. It is the opinion of management, in consultation with legal counsel, that the ultimate outcome of all such matters will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 387.10 Td (not materially af) Tj ET Q q 0 0 0 rg BT 115.90 387.10 Td (fect the Company) Tj ET Q q 0 0 0 rg BT 189.77 387.10 Td (s financial position, results of operations or cash flows.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 361.10 Td (9. ) Tj ET Q q 0 0 0 rg BT 59.82 361.10 Td (W) Tj ET Q q 0 0 0 rg BT 69.27 361.10 Td (arranty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (The Company provides a warranty against all substantial defects in material and workmanship. In 2005 the Company extended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (its standard warranty from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.30 328.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.85 328.10 Td ( years to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.22 328.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.22 328.10 Td (years. Ef) Tj ET Q q 0 0 0 rg BT 260.58 328.10 Td (fective February 1, 2014 the Company modified its warranty to a limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (lifetime warranty) Tj ET Q q 0 0 0 rg BT 118.49 316.10 Td (. ) Tj ET Q q 0 0 0 rg BT 123.31 316.10 Td (The new warranty ef) Tj ET Q q 0 0 0 rg BT 206.14 316.10 Td (fective February 1, 2014 is not anticipated to have a significant ef) Tj ET Q q 0 0 0 rg BT 468.65 316.10 Td (fect on warranty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 87.03 304.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 146.74 304.10 Td (s warranty is not a guarantee of service life, which depends upon events outside the Company) Tj ET Q q 0 0 0 rg BT 524.41 304.10 Td (s control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (and may be dif) Tj ET Q q 0 0 0 rg BT 109.52 292.10 Td (ferent from the warranty period. ) Tj ET Q q 0 0 0 rg BT 240.40 292.10 Td (The Company accrues an estimate of its exposure to warranty claims based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (upon both product sales data and an analysis of actual warranty claims incurred. ) Tj ET Q q 0 0 0 rg BT 374.99 280.10 Td (The following is a summary of the Company) Tj ET Q q 0 0 0 rg BT 557.46 280.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (warranty-claim activity during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.68 268.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.68 268.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.12 268.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.12 268.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 231.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 231.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 231.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 231.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 201.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 201.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 201.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 201.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 171.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 171.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 171.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 171.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 231.60000000000002 m 428.5 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 231.60000000000002 m 493.5 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 231.60000000000002 m 562.5 231.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 171.60000000000002 m 493.5 171.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 157.60000000000002 m 493.5 157.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 155.60000000000002 m 493.5 155.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 171.60000000000002 m 562.5 171.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 157.60000000000002 m 562.5 157.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 155.60000000000002 m 562.5 155.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 248.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.75 248.83 Td (January31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 235.85 Td (\(In thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 235.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 235.83 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 222.17 Td (Beginning balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 221.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 221.27 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 221.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 221.27 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 207.17 Td (Provision for current year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 206.27 Td (650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 206.27 Td (600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 192.17 Td (Provision for \(benefits from\) prior year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 191.32 Td (\(258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 191.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 191.32 Td (\(220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 191.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 177.17 Td (Costs incurred) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 176.32 Td (\(442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 176.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 176.32 Td (\(380) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 176.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 162.17 Td (Ending balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 161.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 161.27 Td (950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 161.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 161.27 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 133 0 obj <> endobj 134 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (65) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (10. Subsequent Events) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 721.25 Td (The Company has evaluated events subsequent to January31, 2015, to assess the need for potential recognition or disclosure in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (this report. Such events were evaluated through the date these financial statements were issued. Based upon this evaluation, it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (was determined that no subsequent events occurred that require recognition or additional disclosure in the financial statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (except for ) Tj ET Q q 0 0 0 rg BT 92.20 685.25 Td (Amendment No. 9, dated March 31, 2015 to the Revolving Credit and Security ) Tj ET Q q 0 0 0 rg BT 410.48 685.25 Td (Agreement, dated as of December 22, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 673.25 Td (1, which is disclosed in the notes to the consolidated financial statements. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 647.25 Td (1) Tj ET Q q 0 0 0 rg BT 53.95 647.25 Td (1. Quarterly Results \(Unaudited\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 626.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 109.21 626.25 Td (s quarterly results for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.66 626.25 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.26 626.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.70 626.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.70 626.25 Td (, as adjusted, are summarized as follows \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 614.25 Td (thousands, except per share data\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 591.75 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 591.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 591.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 591.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 591.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 591.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 591.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 591.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 563.75 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 563.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 563.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 563.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 563.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 563.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 563.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 563.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 535.75 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 535.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 535.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 535.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 535.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 535.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 535.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 535.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 507.75 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 507.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 507.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 507.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 507.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 507.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 507.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 507.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 479.75 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 479.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 479.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 479.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 479.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 479.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 479.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 479.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 451.75 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 451.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 451.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 451.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 451.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 451.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 451.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 451.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 423.75 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 423.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 423.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 423.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 423.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 423.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 423.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 423.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 395.75 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 395.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 395.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 395.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 395.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 395.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 395.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 395.75 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 591.75 m 355 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 591.75 m 424 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 591.75 m 493 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 591.75 m 562 591.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.85 595.83 Td (Q1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.85 595.83 Td (Q2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.85 595.83 Td (Q3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.85 595.83 Td (Q4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 582.32 Td (Year ended January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 568.32 Td (Net sales*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 568.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 568.32 Td (23,383) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 568.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 568.32 Td (53,042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.50 568.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 568.32 Td (62,273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 568.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 568.32 Td (25,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 554.32 Td (Gross profit*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 554.32 Td (8,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 554.32 Td (20,696) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 554.32 Td (20,672) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 554.32 Td (6,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 540.32 Td (Net \(loss\) income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.30 540.37 Td (\(3,855) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 540.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 540.32 Td (5,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 540.32 Td (4,632) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 540.37 Td (\(5,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 540.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 526.32 Td (Per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 512.32 Td (Net \(loss\) income**) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 498.32 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 498.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.30 498.37 Td (\(0.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 498.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 498.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 498.32 Td (0.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.50 498.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 498.32 Td (0.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 498.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.30 498.37 Td (\(0.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 498.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 484.32 Td (Assuming dilution) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.30 484.37 Td (\(0.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 484.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 484.32 Td (0.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 484.32 Td (0.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.30 484.37 Td (\(0.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 484.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 470.32 Td (Year ended January31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 456.32 Td (Net sales*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 456.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 456.32 Td (19,713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 456.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 456.32 Td (56,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.50 456.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 456.32 Td (59,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 456.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 456.32 Td (19,480) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 442.32 Td (Gross profit*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 442.32 Td (6,232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 442.32 Td (21,447) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 442.32 Td (20,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 442.32 Td (4,113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 428.32 Td (Net \(loss\) income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.30 428.37 Td (\(4,447) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 428.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 428.32 Td (6,210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 428.32 Td (3,408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 428.37 Td (\(6,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 428.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 414.32 Td (Per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 400.32 Td (Net \(loss\) income**) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 386.32 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 386.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.30 386.37 Td (\(0.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 386.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 386.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 386.32 Td (0.43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.50 386.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 386.32 Td (0.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 386.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.30 386.37 Td (\(0.47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 386.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 372.32 Td (Assuming dilution) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.30 372.37 Td (\(0.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 372.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 372.32 Td (0.42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 372.32 Td (0.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.30 372.37 Td (\(0.47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 372.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.25 Td (______________________________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (* ) Tj ET Q q 0 0 0 rg BT 76.50 344.25 Td (The Company revised the presentation of previously reported amounts to be consistent with the presentation for the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 332.25 Td (ended January 31, 2015. ) Tj ET Q q 0 0 0 rg BT 176.29 332.25 Td (The changes resulted in decreases to net sales, gross mar) Tj ET Q q 0 0 0 rg BT 402.70 332.25 Td (gin and selling, general, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 320.25 Td (administrative expenses for the quarters ended January 31, 2015 and 2014, respectively) Tj ET Q q 0 0 0 rg BT 425.46 320.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (** Net loss per share was calculated based on basic shares outstanding due to the anti-dilutive ef) Tj ET Q q 0 0 0 rg BT 450.32 308.25 Td (fect on the inclusion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 296.25 Td (common stock equivalent shares.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 258.25 Td (Item9. Changes in and Disagr) Tj ET Q q 0 0 0 rg BT 179.28 258.25 Td (eements with ) Tj ET Q q 0 0 0 rg BT 237.05 258.25 Td (Accountants on ) Tj ET Q q 0 0 0 rg BT 305.39 258.25 Td (Accounting and Financial Disclosur) Tj ET Q q 0 0 0 rg BT 457.73 258.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 237.25 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 211.25 Td (Item9A. Contr) Tj ET Q q 0 0 0 rg BT 115.08 211.25 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 158.24 211.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 187.50 211.25 Td (es) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (Disclosure Controls and Procedures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.25 Td (The Company maintains disclosure controls and procedures that are designed to ensure that information required to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.25 Td (disclosed in reports filed with the Commission pursuant to the Exchange ) Tj ET Q q 0 0 0 rg BT 342.46 157.25 Td (Act is recorded, processed, summarized and reported ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.25 Td (within the time periods specified in the Commission) Tj ET Q q 0 0 0 rg BT 261.92 145.25 Td (s rules and forms, and that such information is accumulated and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.25 Td (communicated to the Company) Tj ET Q q 0 0 0 rg BT 178.03 133.25 Td (s management, including its President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 426.95 133.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 539.51 133.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 557.42 133.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.25 Td (as appropriate, to allow timely decisions regarding required disclosure. ) Tj ET Q q 0 0 0 rg BT 335.75 121.25 Td (Assessing the costs and benefits of such controls and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.25 Td (procedures necessarily involves the exercise of judgment by management, and such controls and procedures, by their nature, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.25 Td (can provide only reasonable assurance that management) Tj ET Q q 0 0 0 rg BT 277.69 97.25 Td (s objectives in establishing them will be achieved.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.25 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 76.25 Td (irco carried out an evaluation, under the supervision and with the participation of the Company) Tj ET Q q 0 0 0 rg BT 439.57 76.25 Td (s management, including its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.25 Td (President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 184.22 64.25 Td (ficer along with its Chief Financial Of) Tj ET Q q 0 0 0 rg BT 336.78 64.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 354.70 64.25 Td (, of the ef) Tj ET Q q 0 0 0 rg BT 392.83 64.25 Td (fectiveness of the design and operation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 52.25 Td (disclosure controls and procedures as of the end of the period covered by this ) Tj ET Q q 0 0 0 rg BT 361.02 52.25 Td (Annual Report pursuant to Exchange ) Tj ET Q q 0 0 0 rg BT 511.26 52.25 Td (Act ) Tj ET Q endstream endobj 135 0 obj <> endobj 136 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Rule13a-15. Based upon the foregoing, the Company) Tj ET Q q 0 0 0 rg BT 268.57 742.10 Td (s President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 409.18 742.10 Td (ficer along with the Company) Tj ET Q q 0 0 0 rg BT 531.38 742.10 Td (s Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Financial Of) Tj ET Q q 0 0 0 rg BT 100.08 730.10 Td (ficer concluded that ) Tj ET Q q 0 0 0 rg BT 181.81 730.10 Td (V) Tj ET Q q 0 0 0 rg BT 188.43 730.10 Td (irco) Tj ET Q q 0 0 0 rg BT 206.75 730.10 Td (s disclosure controls and procedures are ef) Tj ET Q q 0 0 0 rg BT 376.51 730.10 Td (fective in ensuring that \(i\)information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (required to be disclosed by the Company in the reports that it files or submits under the Exchange ) Tj ET Q q 0 0 0 rg BT 442.69 718.10 Td (Act is recorded, processed, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (summarized and reported, within the time periods specified in the SEC) Tj ET Q q 0 0 0 rg BT 336.32 706.10 Td (s rules and forms and \(ii\)information required to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (disclosed by the Company in the reports that it files or submits under the Exchange ) Tj ET Q q 0 0 0 rg BT 384.66 694.10 Td (Act is accumulated and communicated to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (the Company) Tj ET Q q 0 0 0 rg BT 106.38 682.10 Td (s management, including its principal executive and principal financial of) Tj ET Q q 0 0 0 rg BT 400.55 682.10 Td (ficers, or persons performing similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (functions, as appropriate to allow timely decisions regarding required disclosure.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 644.10 Td (Changes in Internal Control Over Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.10 Td (There was no change in the Company) Tj ET Q q 0 0 0 rg BT 203.84 623.10 Td (s internal control over financial reporting during the fourth fiscal quarter that has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.10 Td (materially af) Tj ET Q q 0 0 0 rg BT 100.63 611.10 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 282.04 611.10 Td (fect, the Company) Tj ET Q q 0 0 0 rg BT 358.41 611.10 Td (s internal control over financial reporting. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.10 Td (Management) Tj ET Q q 0 0 0 rg BT 109.42 599.10 Td (s Report on Internal Control over Financial Reporting.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 573.10 Td (Item9B. Other) Tj ET Q q 0 0 0 rg BT 114.53 573.10 Td ( Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (None.) Tj ET Q endstream endobj 137 0 obj <> endobj 138 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (67) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.90 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 291.27 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 305.36 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 311.85 742.25 Td ( III) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Item10. Dir) Tj ET Q q 0 0 0 rg BT 101.75 718.25 Td (ectors, Executive Officers of the Registrant and Corporate Governance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (Except for the information disclosed in Part1 under the heading Executive Of) Tj ET Q q 0 0 0 rg BT 366.39 697.25 Td (ficers of the Registrant, the information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (required by this Item regarding directors shall be incorporated by reference to information set forth in the Company) Tj ET Q q 0 0 0 rg BT 515.13 685.25 Td (s definitive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (Proxy Statement to be filed within 120days after the end of the Company) Tj ET Q q 0 0 0 rg BT 347.99 673.25 Td (s fiscal year end of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.02 673.25 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.61 673.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 647.25 Td (Item1) Tj ET Q q 0 0 0 rg BT 76.94 647.25 Td (1. Executive Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 626.25 Td (The information required by this Item is incorporated by reference to information set forth in the Company) Tj ET Q q 0 0 0 rg BT 480.43 626.25 Td (s definitive Proxy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 614.25 Td (Statement to be filed within 120days after the end of the Company) Tj ET Q q 0 0 0 rg BT 321.60 614.25 Td (s fiscal year end of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.62 614.25 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.22 614.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 588.25 Td (Item12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder) Tj ET Q q 0 0 0 rg BT 484.51 588.25 Td ( Matters) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 567.25 Td (The information required by this Item is incorporated by reference to information set forth in the Company) Tj ET Q q 0 0 0 rg BT 480.43 567.25 Td (s definitive Proxy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 555.25 Td (Statement to be filed within 120days after the end of the Company) Tj ET Q q 0 0 0 rg BT 321.60 555.25 Td (s fiscal year end of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.62 555.25 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.22 555.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 529.25 Td (Item13. Certain Relationships and Related ) Tj ET Q q 0 0 0 rg BT 236.76 529.25 Td (T) Tj ET Q q 0 0 0 rg BT 242.69 529.25 Td (ransactions, and Dir) Tj ET Q q 0 0 0 rg BT 329.46 529.25 Td (ector) Tj ET Q q 0 0 0 rg BT 350.93 529.25 Td ( Independence) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.25 Td (The information required by this Item is incorporated by reference to information set forth in the Company) Tj ET Q q 0 0 0 rg BT 480.43 508.25 Td (s definitive Proxy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (Statement to be filed within 120days after the end of the Company) Tj ET Q q 0 0 0 rg BT 321.60 496.25 Td (s fiscal year end of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.62 496.25 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.22 496.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 470.25 Td (Item14. Principal ) Tj ET Q q 0 0 0 rg BT 128.88 470.25 Td (Accounting Fees and Services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.25 Td (The information required by this Item is incorporated by reference to information set forth in the Company) Tj ET Q q 0 0 0 rg BT 480.43 449.25 Td (s definitive Proxy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 437.25 Td (Statement to be filed within 120days after the end of the Company) Tj ET Q q 0 0 0 rg BT 321.60 437.25 Td (s fiscal year end of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.62 437.25 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.22 437.25 Td (.) Tj ET Q endstream endobj 139 0 obj <><><><><><><><>] /Rotate 0 /Contents 140 0 R>> endobj 140 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (68) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.30 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 291.67 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 305.76 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 312.25 742.25 Td ( IV) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Item15. Exhibits, Financial Statement Schedules) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (1. ) Tj ET Q q 0 0 0 rg BT 59.82 694.25 Td (The following consolidated financial statements of ) Tj ET Q q 0 0 0 rg BT 265.14 694.25 Td (V) Tj ET Q q 0 0 0 rg BT 271.76 694.25 Td (irco Mfg. Corporation are set forth in Item8 of this report.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 683.45 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 658.95 m 562.5 658.95 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.15 663.63 Td (Page numbers) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 648.1833984375 m 286.8427734375 648.1833984375 l s q 0 0 1 rg BT 53.00 649.52 Td (Report of Independent Registered Public ) Tj ET Q q 0 0 1 rg BT 218.24 649.52 Td (Accounting Firm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 1 rg BT 286.84 649.52 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 634.1833984375 m 285.451171875 634.1833984375 l s q 0 0 1 rg BT 53.00 635.52 Td (Consolidated Balance Sheets - January 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 620.1833984375 m 403.224609375 620.1833984375 l s q 0 0 1 rg BT 53.00 621.52 Td (Consolidated Statements of Operations - Years Ended January 31, 2015, 2014 and 2013) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 606.1833984375 m 482.6484375 606.1833984375 l s q 0 0 1 rg BT 53.00 607.52 Td (Consolidated Statements of Comprehensive Income \(Loss\) - Years Ended January 31, 2015, 2014 and 2013) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 592.1833984375 m 442.53125 592.1833984375 l s q 0 0 1 rg BT 53.00 593.52 Td (Consolidated Statements of Stockholders' Equity - Years Ended January 31, 2015, 2014 and 2013) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 578.1833984375 m 406.30078125 578.1833984375 l s q 0 0 1 rg BT 53.00 579.52 Td (Consolidated Statements of Cash Flows - Years Ended January 31, 2015, 2014 and 2013) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 564.1833984375 m 304.904296875 564.1833984375 l s q 0 0 1 rg BT 53.00 565.52 Td (Notes to Consolidated Financial Statements - January 31, 2015) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 522 648.1833984375 m 532 648.1833984375 l s q 0 0 1 rg BT 522.00 649.52 Td (41) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 522 634.1833984375 m 532 634.1833984375 l s q 0 0 1 rg BT 522.00 635.52 Td (42) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 522 620.1833984375 m 532 620.1833984375 l s q 0 0 1 rg BT 522.00 621.52 Td (44) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 522 606.1833984375 m 532 606.1833984375 l s q 0 0 1 rg BT 522.00 607.52 Td (45) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 522 592.1833984375 m 532 592.1833984375 l s q 0 0 1 rg BT 522.00 593.52 Td (46) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 522 578.1833984375 m 532 578.1833984375 l s q 0 0 1 rg BT 522.00 579.52 Td (47) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 522 564.1833984375 m 532 564.1833984375 l s q 0 0 1 rg BT 522.00 565.52 Td (48) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 141 0 obj <> endobj 142 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (2. ) Tj ET Q q 0 0 0 rg BT 59.82 742.10 Td (The following consolidated financial statement schedule of ) Tj ET Q q 0 0 0 rg BT 298.73 742.10 Td (V) Tj ET Q q 0 0 0 rg BT 305.35 742.10 Td (irco Mfg. Corporation is included in Item15:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.85 715.10 Td (VIRCO MFG. 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w 0 i [] 0 d 0 J 0 j 3 M 243.5 616.8 m 328.5 616.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 616.8 m 400.5 616.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 616.8 m 482.5 616.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 616.8 m 562.5 616.8 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 136.05 621.03 Td (Col. 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rg BT 309.65 566.47 Td (275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 566.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 566.47 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 566.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 566.47 Td (78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 566.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 566.47 Td (200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 552.37 Td (January31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.00 551.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 551.47 Td (350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 551.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 551.47 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 551.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 551.47 Td (150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 551.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 551.47 Td (275) Tj ET Q BT /F1 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BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 506.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 506.47 Td (380) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 506.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 506.47 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 492.37 Td (January31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.00 491.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 491.47 Td (1,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 491.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 491.47 Td (140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 491.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 491.47 Td (540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 491.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 491.47 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 477.37 Td (Product, general, workers compensation and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 467.37 Td (automobile liability reserves for the period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 457.37 Td (ended:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 442.37 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.00 441.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 441.47 Td (2,425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 441.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 441.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 441.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 441.47 Td (295) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 441.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 441.47 Td (2,130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 427.37 Td (January31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.00 426.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 426.47 Td (2,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 426.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 426.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 426.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 426.47 Td (560) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 426.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 426.47 Td (2,425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 412.37 Td (January31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.00 411.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 411.47 Td (2,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 411.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 411.47 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 411.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 411.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 411.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 411.47 Td (2,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 397.37 Td (Deferred tax valuation allowance for the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 387.37 Td (period ended:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 372.37 Td (January31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.00 371.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 371.47 Td (24,210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 371.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.15 371.47 Td (2,189) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 371.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 371.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 371.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 371.47 Td (26,399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 357.37 Td (January31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.00 356.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 356.47 Td (24,601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 356.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 356.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 356.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 356.47 Td (391) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 356.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 356.47 Td (24,210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 342.37 Td (January31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.00 341.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 341.47 Td (22,859) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.00 341.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.15 341.47 Td (1,742) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 341.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 341.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 341.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 341.47 Td (24,601) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.30 Td (All other schedules for which provision is made in the applicable accounting regulation of the Securities and Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.30 Td (Commission are not required under the related instructions, are inapplicable, or are included in the Financial Statements or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.30 Td (Notes thereto, and therefore are not required to be presented under this Item.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 266.30 Td (3. Exhibits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 249.30 Td (See Index to Exhibits. ) Tj ET Q q 0 0 0 rg BT 140.64 249.30 Td (The exhibits listed in the accompanying Index to Exhibits are filed as part of this report.) Tj ET Q endstream endobj 143 0 obj <> endobj 144 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (70) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.85 742.25 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 304.78 742.25 Td (TURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 721.25 Td (Pursuant to the requirements of Section13 or 15 \(d\)of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 369.37 721.25 Td (Act of 1934, the registrant has duly caused this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (report to be signed on its behalf by the undersigned, thereunto duly authorized.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 698.45 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 650.95 m 562.5 650.95 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 678.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.00 678.52 Td (VIRCO MFG. CORPORATION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 655.52 Td (Date: April 24, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.00 655.52 Td (By:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.00 655.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 655.52 Td (/s/ Robert A. Virtue ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.00 641.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 641.52 Td (Robert A. Virtue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.00 627.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 627.52 Td (Chairman of the Board and Chief Executive Officer) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 145 0 obj <> endobj 146 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (71) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.40 742.25 Td (POWER OF) Tj ET Q q 0 0 0 rg BT 304.19 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 306.14 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 312.62 742.25 Td (TT) Tj ET Q q 0 0 0 rg BT 325.78 742.25 Td (ORNEY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 721.25 Td (KNOW) Tj ET Q q 0 0 0 rg BT 80.92 721.25 Td ( ) Tj ET Q q 0 0 0 rg BT 82.87 721.25 Td (ALL) Tj ET Q q 0 0 0 rg BT 101.94 721.25 Td ( PERSONS BY) Tj ET Q q 0 0 0 rg BT 164.37 721.25 Td ( ) Tj ET Q q 0 0 0 rg BT 166.68 721.25 Td (THESE PRESENTS, that each person whose signature appears below constitutes and appoints ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (Robert ) Tj ET Q q 0 0 0 rg BT 79.17 709.25 Td (A. ) Tj ET Q q 0 0 0 rg BT 91.21 709.25 Td (V) Tj ET Q q 0 0 0 rg BT 97.83 709.25 Td (irtue and Robert E. Dose his/her true and lawful attorney-in-fact and agent, with full power of substitution and, for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (him/her and in his/her name, place and stead, in any and all capacities to sign any and all amendments to this report on Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (10-K, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he/she might or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his/her substitute or substitutes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.25 Td (may lawfully do or cause to be done by virtue hereof.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (Pursuant to the requirements of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 276.05 616.25 Td (Act of 1934, this report has been signed below by the following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (persons on behalf of the registrant in the capacities and on the dates indicated.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 593.45 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 569.95 m 231.5 569.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 569.95 m 470.5 569.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 569.95 m 562.5 569.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 542.95 m 231.5 542.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 505.95 m 231.5 505.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 466.95 m 231.5 466.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 423.95 m 231.5 423.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 384.95 m 231.5 384.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 345.95 m 231.5 345.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 306.95 m 231.5 306.95 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 574.20 Td (SIGNATURE) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 574.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 247.00 574.20 Td (TITLE) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.00 574.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.00 574.20 Td (DATE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 547.62 Td (/s/ Robert A. Virtue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 547.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 551.52 Td (Chairman of the Board, Chief Executive Officer,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 541.52 Td (Director \(Principal Executive Officer\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 534.62 Td (April 24, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 533.52 Td (Robert A. Virtue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 534.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 511.52 Td (/s/ Douglas A. Virtue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 510.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 511.52 Td (President and Chief Operating Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 495.62 Td (April 24, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 496.52 Td (Douglas A. Virtue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 495.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 471.62 Td (/s/ Robert E. Dose) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 471.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 472.52 Td (Vice President, Finance, Secretary and Treasurer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 462.52 Td (\(Principal Financial Officer\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 456.62 Td (April 24, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 457.52 Td (Robert E. Dose) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 456.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 428.62 Td (/s/ Bassey Yau) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 428.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 433.52 Td (Vice President, Accounting, Corporate Controller,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 423.52 Td (Assistant Secretary and Assistant Treasurer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 413.52 Td (\(PrincipalAccounting Officer\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 413.62 Td (April 24, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 413.62 Td (Bassey Yau) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 413.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 390.52 Td (/s/ Mike DiGregorio) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 389.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 390.52 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 374.62 Td (April 24, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 374.62 Td (Mike DiGregorio) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 374.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 351.52 Td (/s/ Don Rudkin) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 350.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 351.52 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 335.62 Td (April 24, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 336.52 Td (Don Rudkin) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 335.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 312.52 Td (/s/ Robert Lind) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 311.20 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 312.52 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.00 296.62 Td (April 24, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 297.52 Td (Robert Lind) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.00 296.20 Td () Tj ET Q BT /F1 10.00 Tf ET endstream endobj 147 0 obj <> endobj 148 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (72) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.20 749.25 Td (VIRCO MFG. CORPORA) Tj ET Q q 0 0 0 rg BT 350.17 749.25 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.25 737.25 Td (EXHIBITS ) Tj ET Q q 0 0 0 rg BT 251.92 737.25 Td (T) Tj ET Q q 0 0 0 rg BT 258.41 737.25 Td (O FORM 10-K ) Tj ET Q q 0 0 0 rg BT 324.79 737.25 Td (ANNUAL) Tj ET Q q 0 0 0 rg BT 367.02 737.25 Td ( REPOR) Tj ET Q q 0 0 0 rg BT 404.17 737.25 Td (T) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.85 725.25 Td (for) Tj ET Q q 0 0 0 rg BT 240.44 725.25 Td ( the ) Tj ET Q q 0 0 0 rg BT 258.40 725.25 Td (Y) Tj ET Q q 0 0 0 rg BT 264.51 725.25 Td (ear) Tj ET Q q 0 0 0 rg BT 278.21 725.25 Td ( Ended January31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 714.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 695.20 Td (Exhibit) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 687.20 Td (Number) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 695.90 Td (Description) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 674.21 Td (3.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 674.21 Td (Certificate of Incorporation of the Company dated April23, 1984, as amended \(incorporated by reference to Exhibit1 to the) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 665.21 Td (Companys Form8-A12B \(Commission File No.001-08777\), filed with the Commission on June 18, 2007\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 642.21 Td (3.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 642.21 Td (Second Amended and Restated Bylaws of the Company dated September10, 2001 \(incorporated by reference to Exhibit 3.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 633.21 Td (to the Companys Quarterly Report on Form10-Q \(Commission File No.001-08777\), filed with the Commission on) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 624.21 Td (September12, 2014\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 601.21 Td (10.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 601.21 Td (Form of Virco Mfg. Corporation Employee Stock Ownership Plan \(the ESOP\) \(incorporated by reference to Exhibit4.1 to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 592.21 Td (the Companys FormS-8 Registration Statement \(Commission File No.33-65098\), filed with the Commission on June25,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 583.21 Td (1993\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 560.21 Td (10.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 560.21 Td (Trust Agreement for the ESOP \(incorporated by reference to Exhibit4.2 to the Companys FormS-8 Registration Statement) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 551.21 Td (\(Commission File No.33-65098\), filed with the Commission on June25, 1993\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 528.21 Td (10.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 528.21 Td (Form of Registration Rights Agreement for the ESOP \(incorporated by reference to Exhibit4.3 to the Companys FormS-8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 519.21 Td (Registration Statement \(Commission File No.33-65098\), filed with the Commission on June 25, 1993\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 496.21 Td (10.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 496.21 Td (Lease dated February1, 2006, between FHL Group, a California Corporation, as landlord and Virco Mfg. Corporation, a) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 487.21 Td (Delaware Corporation, as tenant \(incorporated by reference to Exhibit99.1 to the Companys Current Report on Form8-K) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 478.21 Td (filed with the Commission on February3, 2006\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 458.21 Td (10.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 458.21 Td (Design Agreement dated January21, 2008, between the Company and Peter Glass Design, LLC, and Hedgehog Design,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 449.21 Td (LLC. \(incorporated by reference to Exhibit10.1 and 10.2 to the Companys Current Report on Form 8-K filed with the) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 440.21 Td (Commission on January25, 2008\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 418.21 Td (10.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 418.21 Td (Lease amendment dated ) Tj ET Q q 0 0 0 rg BT 198.71 418.21 Td (August14, 2008, between ) Tj ET Q q 0 0 0 rg BT 294.70 418.21 Td (AMB Property) Tj ET Q q 0 0 0 rg BT 347.87 418.21 Td (, L.P) Tj ET Q q 0 0 0 rg BT 364.12 418.21 Td (., a Delaware Limited Partnership, as landlord and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 409.21 Td (V) Tj ET Q q 0 0 0 rg BT 115.96 409.21 Td (irco Mfg. Corporation, a Delaware Corporation, as tenant \(incorporated by reference to Exhibit10.1 to the Company) Tj ET Q q 0 0 0 rg BT 538.83 409.21 Td (s ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 400.21 Td (Quarterly Report on Form10Q filed with the Commission on September9, 2008\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 379.21 Td (10.7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 379.21 Td (Third ) Tj ET Q q 0 0 0 rg BT 131.75 379.21 Td (Amendment to Lease ) Tj ET Q q 0 0 0 rg BT 210.48 379.21 Td (Agreement, entered into as of December 20, 2013, by and between Starboard Distribution ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 370.21 Td (Center) Tj ET Q q 0 0 0 rg BT 133.63 370.21 Td (, LLC, a Delaware limited liability company) Tj ET Q q 0 0 0 rg BT 293.00 370.21 Td (, successor in interest to ) Tj ET Q q 0 0 0 rg BT 380.98 370.21 Td (AMB Property) Tj ET Q q 0 0 0 rg BT 434.15 370.21 Td (, L.P) Tj ET Q q 0 0 0 rg BT 450.40 370.21 Td (., a Delaware limited ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 361.21 Td (Partnership and ) Tj ET Q q 0 0 0 rg BT 168.32 361.21 Td (V) Tj ET Q q 0 0 0 rg BT 174.28 361.21 Td (irco Mfg. Corporation \(incorporated by reference to Exhibit 10.1 to the Company's Current Report on ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 352.21 Td (Form 8-K filed with the Commission on December 20, 2013.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 332.21 Td (10.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 332.21 Td (V) Tj ET Q q 0 0 0 rg BT 115.96 332.21 Td (irco Mfg. Corporation 201) Tj ET Q q 0 0 0 rg BT 211.11 332.21 Td (1 Stock Incentive Plan \(incorporated by reference to Exhibit 10.1 to the Company) Tj ET Q q 0 0 0 rg BT 508.28 332.21 Td (s Current ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 323.21 Td (Report on Form 8K filed with the Commission on June 27, 201) Tj ET Q q 0 0 0 rg BT 337.66 323.21 Td (1\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 301.21 Td (10.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 301.21 Td (Revolving Credit and Security ) Tj ET Q q 0 0 0 rg BT 221.48 301.21 Td (Agreement dated as of December 22, 201) Tj ET Q q 0 0 0 rg BT 370.84 301.21 Td (1 by and among ) Tj ET Q q 0 0 0 rg BT 430.67 301.21 Td (V) Tj ET Q q 0 0 0 rg BT 436.63 301.21 Td (irco Mfg. Corporation and ) Tj ET Q q 0 0 0 rg BT 533.69 301.21 Td (V) Tj ET Q q 0 0 0 rg BT 539.65 301.21 Td (irco ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 292.21 Td (Inc., as borrowers, and PNC Bank, National ) Tj ET Q q 0 0 0 rg BT 270.22 292.21 Td (Association, as the lender and administrative agent \(incorporated by reference ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 283.21 Td (to Exhibit 10.1 to the Company) Tj ET Q q 0 0 0 rg BT 225.99 283.21 Td (s Current Report on Form 8K filed with the Commission on December 22, 201) Tj ET Q q 0 0 0 rg BT 509.63 283.21 Td (1\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 262.21 Td (10.10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 262.21 Td (First ) Tj ET Q q 0 0 0 rg BT 128.26 262.21 Td (Amendment to Revolving Credit and Securities ) Tj ET Q q 0 0 0 rg BT 301.23 262.21 Td (Agreement, dated as of June15, 2012, by and among ) Tj ET Q q 0 0 0 rg BT 494.77 262.21 Td (V) Tj ET Q q 0 0 0 rg BT 500.73 262.21 Td (irco Mfg. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 253.21 Td (Corporation and ) Tj ET Q q 0 0 0 rg BT 170.82 253.21 Td (V) Tj ET Q q 0 0 0 rg BT 176.78 253.21 Td (irco, Inc., as borrowers, and PNC Bank, National ) Tj ET Q q 0 0 0 rg BT 355.50 253.21 Td (Association, as the lender and administrative agent ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 244.21 Td (\(incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed with the Commission on ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 235.26 Td (September 14, 2012\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 214.21 Td (10.11) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 214.21 Td (Second ) Tj ET Q q 0 0 0 rg BT 138.25 214.21 Td (Amendment to Revolving Credit and Security ) Tj ET Q q 0 0 0 rg BT 305.72 214.21 Td (Agreement, dated as of July27, 2012, by and among ) Tj ET Q q 0 0 0 rg BT 497.77 214.21 Td (V) Tj ET Q q 0 0 0 rg BT 503.73 214.21 Td (irco Mfg. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 205.21 Td (Corporation and ) Tj ET Q q 0 0 0 rg BT 170.82 205.21 Td (V) Tj ET Q q 0 0 0 rg BT 176.78 205.21 Td (irco, Inc., as borrowers, and PNC Bank, National ) Tj ET Q q 0 0 0 rg BT 355.50 205.21 Td (Association, as the lender and administrative agent ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 196.21 Td (\(incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Commission on ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 187.21 Td (July31, 2012\). ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 164.21 Td (10.12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 164.21 Td (Third ) Tj ET Q q 0 0 0 rg BT 131.75 164.21 Td (Amendment to Revolving Credit and Security ) Tj ET Q q 0 0 0 rg BT 299.22 164.21 Td (Agreement, dated as of September12, 2012, by and among ) Tj ET Q q 0 0 0 rg BT 514.75 164.21 Td (V) Tj ET Q q 0 0 0 rg BT 520.71 164.21 Td (irco Mfg. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 155.21 Td (Corporation and ) Tj ET Q q 0 0 0 rg BT 170.82 155.21 Td (V) Tj ET Q q 0 0 0 rg BT 176.78 155.21 Td (irco, Inc., as borrowers, and PNC Bank, National ) Tj ET Q q 0 0 0 rg BT 355.50 155.21 Td (Association, as the lender and administrative agent ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 146.21 Td (\(incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed with the Commission on ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 137.21 Td (September 14, 2012\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 113.21 Td (10.13) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 113.21 Td (Fourth Amendment to Revolving Credit and Security Agreement, dated as of December6, 2012, by and among Virco Mfg.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 104.21 Td (Corporation and Virco, Inc., as borrowers, and PNC Bank, National Association, as the lender and administrative agent) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 95.21 Td (\(incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q filed with the Commission on) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 86.21 Td (December 7, 2012\).) 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Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 506.76 Td (10.19) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 506.76 Td (Form of ) Tj ET Q q 0 0 0 rg BT 141.00 506.76 Td (Agreement with Resigning Directors \(incorporated by reference to Exhibit 10.1 to the Company) Tj ET Q q 0 0 0 rg BT 489.66 506.76 Td (s Current Report ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 497.76 Td (on Form 8-K filed with the Commission on May 13, 2014\). ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 471.76 Td (10.20*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 110.00 471.76 Td (Ninth Amendment to Revolving Credit and Security Agreement, dated as of March31, 2015, by and among Virco Mfg.) 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Td (March ) Tj ET Q q 0 0 0 rg BT 248.96 662.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 266.09 662.90 Td (2015, ) Tj ET Q q 0 0 0 rg BT 294.21 662.90 Td (by ) Tj ET Q q 0 0 0 rg BT 308.59 662.90 Td (and ) Tj ET Q q 0 0 0 rg BT 327.85 662.90 Td (among ) Tj ET Q q 0 0 0 rg BT 360.92 662.90 Td (VIRCO ) Tj ET Q q 0 0 0 rg BT 398.52 662.90 Td (MFG. ) Tj ET Q q 0 0 0 rg BT 428.49 662.90 Td (CORPORA) Tj ET Q q 0 0 0 rg BT 479.23 662.90 Td (TION, ) Tj ET Q q 0 0 0 rg BT 511.62 662.90 Td (a ) Tj ET Q q 0 0 0 rg BT 519.88 662.90 Td (Delaware ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 649.70 Td (corporation ) Tj ET Q q 0 0 0 rg BT 103.77 649.70 Td (\() Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 112.31 649.70 Td (VMC) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 138.58 649.70 Td (\), ) Tj ET Q q 0 0 0 rg BT 152.72 649.70 Td (VIRCO ) Tj ET Q q 0 0 0 rg BT 190.01 649.70 Td (INC., ) Tj ET Q q 0 0 0 rg BT 217.52 649.70 Td (a ) Tj ET Q q 0 0 0 rg BT 225.47 649.70 Td (Delaware ) Tj ET Q q 0 0 0 rg BT 270.67 649.70 Td (corporation ) Tj ET Q q 0 0 0 rg BT 324.43 649.70 Td (\() Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 332.98 649.70 Td (V) Tj ET Q q 0 0 0 rg BT 340.51 649.70 Td (ir) Tj ET Q q 0 0 0 rg BT 348.25 649.70 Td (co) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 358.64 649.70 Td (, ) Tj ET Q q 0 0 0 rg BT 369.33 649.70 Td (and ) Tj ET Q q 0 0 0 rg BT 388.28 649.70 Td (together ) Tj ET Q q 0 0 0 rg BT 427.38 649.70 Td (with ) Tj ET Q q 0 0 0 rg BT 449.78 649.70 Td (VMC, ) Tj ET Q q 0 0 0 rg BT 480.66 649.70 Td () Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 485.54 649.70 Td (Borr) Tj ET Q q 0 0 0 rg BT 507.94 649.70 Td (owers) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 535.43 649.70 Td ( ) Tj ET Q q 0 0 0 rg BT 543.38 649.70 Td (and, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 636.50 Td (each ) Tj ET Q q 0 0 0 rg BT 72.14 636.50 Td (individually) Tj ET Q q 0 0 0 rg BT 124.58 636.50 Td (, ) Tj ET Q q 0 0 0 rg BT 129.32 636.50 Td (a ) Tj ET Q q 0 0 0 rg BT 136.19 636.50 Td () Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 141.08 636.50 Td (Borr) Tj ET Q q 0 0 0 rg BT 163.48 636.50 Td (ower) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 186.69 636.50 Td (\), ) Tj ET Q q 0 0 0 rg BT 199.97 636.50 Td (the ) Tj ET Q q 0 0 0 rg BT 215.40 636.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 255.87 636.50 Td (institutions ) Tj ET Q q 0 0 0 rg BT 306.75 636.50 Td (from ) Tj ET Q q 0 0 0 rg BT 330.13 636.50 Td (time ) Tj ET Q q 0 0 0 rg BT 351.66 636.50 Td (to ) Tj ET Q q 0 0 0 rg BT 362.21 636.50 Td (time ) Tj ET Q q 0 0 0 rg BT 383.75 636.50 Td (party ) Tj ET Q q 0 0 0 rg BT 408.34 636.50 Td (to ) Tj ET Q q 0 0 0 rg BT 418.88 636.50 Td (the ) Tj ET Q q 0 0 0 rg BT 434.31 636.50 Td (Credit ) Tj ET Q q 0 0 0 rg BT 463.36 636.50 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 514.21 636.50 Td (\(as ) Tj ET Q q 0 0 0 rg BT 529.03 636.50 Td (defined ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 623.30 Td (below\) ) Tj ET Q q 0 0 0 rg BT 87.85 623.30 Td (as ) Tj ET Q q 0 0 0 rg BT 104.31 623.30 Td (lenders ) Tj ET Q q 0 0 0 rg BT 143.38 623.30 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 197.64 623.30 Td (, ) Tj ET Q q 0 0 0 rg BT 207.69 623.30 Td () Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 212.58 623.30 Td (Lenders) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 251.08 623.30 Td (\), ) Tj ET Q q 0 0 0 rg BT 269.67 623.30 Td (and ) Tj ET Q q 0 0 0 rg BT 292.86 623.30 Td (PNC ) Tj ET Q q 0 0 0 rg BT 321.56 623.30 Td (BANK, ) Tj ET Q q 0 0 0 rg BT 362.78 623.30 Td (NA) Tj ET Q q 0 0 0 rg BT 377.45 623.30 Td (TIONAL) Tj ET Q q 0 0 0 rg BT 417.97 623.30 Td ( ) Tj ET Q q 0 0 0 rg BT 423.67 623.30 Td (ASSOCIA) Tj ET Q q 0 0 0 rg BT 469.51 623.30 Td (TION ) Tj ET Q q 0 0 0 rg BT 503.09 623.30 Td (\() Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 511.63 623.30 Td (PNC) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 534.24 623.30 Td (\), ) Tj ET Q q 0 0 0 rg BT 552.84 623.30 Td (as ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 115.68 610.10 Td (agent ) Tj ET Q q 0 0 0 rg BT 142.25 610.10 Td (for ) Tj ET Q q 0 0 0 rg BT 157.82 610.10 Td (Lenders ) Tj ET Q q 0 0 0 rg BT 196.00 610.10 Td (\(PNC, ) Tj ET Q q 0 0 0 rg BT 226.56 610.10 Td (in ) Tj ET Q q 0 0 0 rg BT 237.87 610.10 Td (such ) Tj ET Q q 0 0 0 rg BT 260.78 610.10 Td (capacity) Tj ET Q q 0 0 0 rg BT 296.71 610.10 Td (, ) Tj ET Q q 0 0 0 rg BT 302.21 610.10 Td () Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 307.09 610.10 Td (Agent) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 335.20 610.10 Td (\), ) Tj ET Q q 0 0 0 rg BT 349.25 610.10 Td (with ) Tj ET Q q 0 0 0 rg BT 371.55 610.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 405.45 610.10 Td (to ) Tj ET Q q 0 0 0 rg BT 416.75 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.94 610.10 Td (following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 584.90 Td (A. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 158.00 584.90 Td (Borrowers, ) Tj ET Q q 0 0 0 rg BT 209.25 584.90 Td (Lenders ) Tj ET Q q 0 0 0 rg BT 246.74 584.90 Td (and ) Tj ET Q q 0 0 0 rg BT 264.23 584.90 Td (Agent ) Tj ET Q q 0 0 0 rg BT 293.18 584.90 Td (have ) Tj ET Q q 0 0 0 rg BT 316.01 584.90 Td (previously ) Tj ET Q q 0 0 0 rg BT 364.52 584.90 Td (entered ) Tj ET Q q 0 0 0 rg BT 398.95 584.90 Td (into ) Tj ET Q q 0 0 0 rg BT 418.12 584.90 Td (that ) Tj ET Q q 0 0 0 rg BT 436.68 584.90 Td (certain ) Tj ET Q q 0 0 0 rg BT 468.67 584.90 Td (Revolving ) Tj ET Q q 0 0 0 rg BT 516.57 584.90 Td (Credit ) Tj ET Q q 0 0 0 rg BT 546.13 584.90 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 571.70 Td (Security ) Tj ET Q q 0 0 0 rg BT 124.92 571.70 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 179.45 571.70 Td (dated ) Tj ET Q q 0 0 0 rg BT 206.18 571.70 Td (as ) Tj ET Q q 0 0 0 rg BT 218.25 571.70 Td (of ) Tj ET Q q 0 0 0 rg BT 230.32 571.70 Td (December ) Tj ET Q q 0 0 0 rg BT 278.42 571.70 Td (22, ) Tj ET Q q 0 0 0 rg BT 295.08 571.70 Td (201) Tj ET Q q 0 0 0 rg BT 311.17 571.70 Td (1 ) Tj ET Q q 0 0 0 rg BT 319.58 571.70 Td (\(as ) Tj ET Q q 0 0 0 rg BT 335.32 571.70 Td (amended, ) Tj ET Q q 0 0 0 rg BT 380.68 571.70 Td (restated ) Tj ET Q q 0 0 0 rg BT 417.79 571.70 Td (or ) Tj ET Q q 0 0 0 rg BT 429.86 571.70 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 475.54 571.70 Td (modified ) Tj ET Q q 0 0 0 rg BT 518.16 571.70 Td (from ) Tj ET Q q 0 0 0 rg BT 542.45 571.70 Td (time ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 558.50 Td (to ) Tj ET Q q 0 0 0 rg BT 97.31 558.50 Td (time, ) Tj ET Q q 0 0 0 rg BT 122.36 558.50 Td (the ) Tj ET Q q 0 0 0 rg BT 138.55 558.50 Td () Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 143.43 558.50 Td (Cr) Tj ET Q q 0 0 0 rg BT 156.06 558.50 Td (edit ) Tj ET Q q 0 0 0 rg BT 175.92 558.50 Td (Agr) Tj ET Q q 0 0 0 rg BT 194.04 558.50 Td (eement) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 227.64 558.50 Td (\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 545.30 Td (B. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 545.30 Td (Borrowers ) Tj ET Q q 0 0 0 rg BT 172.88 545.30 Td (have ) Tj ET Q q 0 0 0 rg BT 198.10 545.30 Td (requested ) Tj ET Q q 0 0 0 rg BT 244.69 545.30 Td (that ) Tj ET Q q 0 0 0 rg BT 264.65 545.30 Td (Agent ) Tj ET Q q 0 0 0 rg BT 295.99 545.30 Td (and ) Tj ET Q q 0 0 0 rg BT 316.32 545.30 Td (Lenders ) Tj ET Q q 0 0 0 rg BT 356.19 545.30 Td (extend ) Tj ET Q q 0 0 0 rg BT 389.96 545.30 Td (the ) Tj ET Q q 0 0 0 rg BT 407.85 545.30 Td (draw ) Tj ET Q q 0 0 0 rg BT 434.29 545.30 Td (period ) Tj ET Q q 0 0 0 rg BT 466.84 545.30 Td (under ) Tj ET Q q 0 0 0 rg BT 496.34 545.30 Td (the ) Tj ET Q q 0 0 0 rg BT 513.90 545.30 Td (T) Tj ET Q q 0 0 0 rg BT 519.85 545.30 Td (emporary ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (Equipment ) Tj ET Q q 0 0 0 rg BT 101.63 532.10 Td (Line ) Tj ET Q q 0 0 0 rg BT 125.16 532.10 Td (and ) Tj ET Q q 0 0 0 rg BT 144.40 532.10 Td (make ) Tj ET Q q 0 0 0 rg BT 171.59 532.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 204.87 532.10 Td (other ) Tj ET Q q 0 0 0 rg BT 230.84 532.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 269.63 532.10 Td (to ) Tj ET Q q 0 0 0 rg BT 281.55 532.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.35 532.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 328.47 532.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 383.45 532.10 Td ( ) Tj ET Q q 0 0 0 rg BT 386.07 532.10 Td (Agent ) Tj ET Q q 0 0 0 rg BT 416.31 532.10 Td (and ) Tj ET Q q 0 0 0 rg BT 435.56 532.10 Td (Lenders ) Tj ET Q q 0 0 0 rg BT 474.35 532.10 Td (are ) Tj ET Q q 0 0 0 rg BT 491.14 532.10 Td (agreeable ) Tj ET Q q 0 0 0 rg BT 536.64 532.10 Td (to ) Tj ET Q q 0 0 0 rg BT 548.56 532.10 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 518.90 Td (Borrowers) Tj ET Q q 0 0 0 rg BT 99.28 518.90 Td ( ) Tj ET Q q 0 0 0 rg BT 102.03 518.90 Td (requests ) Tj ET Q q 0 0 0 rg BT 140.83 518.90 Td (but ) Tj ET Q q 0 0 0 rg BT 157.63 518.90 Td (only ) Tj ET Q q 0 0 0 rg BT 179.94 518.90 Td (on ) Tj ET Q q 0 0 0 rg BT 193.69 518.90 Td (the ) Tj ET Q q 0 0 0 rg BT 209.88 518.90 Td (terms ) Tj ET Q q 0 0 0 rg BT 237.06 518.90 Td (and ) Tj ET Q q 0 0 0 rg BT 255.70 518.90 Td (conditions ) Tj ET Q q 0 0 0 rg BT 304.28 518.90 Td (set ) Tj ET Q q 0 0 0 rg BT 319.25 518.90 Td (forth ) Tj ET Q q 0 0 0 rg BT 343.38 518.90 Td (below) Tj ET Q q 0 0 0 rg BT 369.55 518.90 Td (. ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 505.70 Td (NOW) Tj ET Q q 0 0 0 rg BT 111.26 505.70 Td (, ) Tj ET Q q 0 0 0 rg BT 118.40 505.70 Td (THEREFORE, ) Tj ET Q q 0 0 0 rg BT 189.43 505.70 Td (in ) Tj ET Q q 0 0 0 rg BT 202.71 505.70 Td (consideration ) Tj ET Q q 0 0 0 rg BT 266.69 505.70 Td (of ) Tj ET Q q 0 0 0 rg BT 280.58 505.70 Td (the ) Tj ET Q q 0 0 0 rg BT 298.75 505.70 Td (mutual ) Tj ET Q q 0 0 0 rg BT 334.03 505.70 Td (conditions ) Tj ET Q q 0 0 0 rg BT 384.58 505.70 Td (and ) Tj ET Q q 0 0 0 rg BT 405.19 505.70 Td (agreements ) Tj ET Q q 0 0 0 rg BT 460.00 505.70 Td (set ) Tj ET Q q 0 0 0 rg BT 476.95 505.70 Td (forth ) Tj ET Q q 0 0 0 rg BT 503.06 505.70 Td (in ) Tj ET Q q 0 0 0 rg BT 516.34 505.70 Td (the ) Tj ET Q q 0 0 0 rg BT 534.50 505.70 Td (Credit ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 492.50 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 104.50 492.50 Td (the ) Tj ET Q q 0 0 0 rg BT 120.82 492.50 Td (Loan ) Tj ET Q q 0 0 0 rg BT 146.30 492.50 Td (Documents ) Tj ET Q q 0 0 0 rg BT 199.28 492.50 Td (and ) Tj ET Q q 0 0 0 rg BT 218.04 492.50 Td (this ) Tj ET Q q 0 0 0 rg BT 236.18 492.50 Td (Amendment, ) Tj ET Q q 0 0 0 rg BT 296.19 492.50 Td (and ) Tj ET Q q 0 0 0 rg BT 314.95 492.50 Td (other ) Tj ET Q q 0 0 0 rg BT 340.43 492.50 Td (valuable ) Tj ET Q q 0 0 0 rg BT 380.57 492.50 Td (consideration, ) Tj ET Q q 0 0 0 rg BT 445.46 492.50 Td (the ) Tj ET Q q 0 0 0 rg BT 461.78 492.50 Td (receipt ) Tj ET Q q 0 0 0 rg BT 494.58 492.50 Td (and ) Tj ET Q q 0 0 0 rg BT 513.35 492.50 Td (suf) Tj ET Q q 0 0 0 rg BT 526.59 492.50 Td (ficiency ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 479.30 Td (of ) Tj ET Q q 0 0 0 rg BT 61.91 479.30 Td (which ) Tj ET Q q 0 0 0 rg BT 91.55 479.30 Td (are ) Tj ET Q q 0 0 0 rg BT 107.72 479.30 Td (hereby ) Tj ET Q q 0 0 0 rg BT 140.40 479.30 Td (acknowledged, ) Tj ET Q q 0 0 0 rg BT 209.43 479.30 Td (the ) Tj ET Q q 0 0 0 rg BT 225.62 479.30 Td (parties ) Tj ET Q q 0 0 0 rg BT 257.69 479.30 Td (hereby ) Tj ET Q q 0 0 0 rg BT 290.37 479.30 Td (agree ) Tj ET Q q 0 0 0 rg BT 316.93 479.30 Td (as ) Tj ET Q q 0 0 0 rg BT 328.84 479.30 Td (follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 454.10 Td (1. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 194 452.63369140625 m 302.55126953125 452.63369140625 l s q 0 0 0 rg BT 194.00 454.10 Td (Definitions ) Tj ET Q q 0 0 0 rg BT 246.36 454.10 Td (Incorporated) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 302.55 454.10 Td (. ) Tj ET Q q 0 0 0 rg BT 308.17 454.10 Td ( ) Tj ET Q q 0 0 0 rg BT 311.03 454.10 Td (Initially ) Tj ET Q q 0 0 0 rg BT 348.72 454.10 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 399.22 454.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 426.52 454.10 Td (used ) Tj ET Q q 0 0 0 rg BT 449.55 454.10 Td (but ) Tj ET Q q 0 0 0 rg BT 466.47 454.10 Td (not ) Tj ET Q q 0 0 0 rg BT 483.39 454.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 529.02 454.10 Td (defined ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 440.90 Td (in ) Tj ET Q q 0 0 0 rg BT 97.31 440.90 Td (this ) Tj ET Q q 0 0 0 rg BT 115.34 440.90 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 172.47 440.90 Td (have ) Tj ET Q q 0 0 0 rg BT 195.98 440.90 Td (the ) Tj ET Q q 0 0 0 rg BT 212.17 440.90 Td (respective ) Tj ET Q q 0 0 0 rg BT 259.51 440.90 Td (meanings ) Tj ET Q q 0 0 0 rg BT 304.42 440.90 Td (set ) Tj ET Q q 0 0 0 rg BT 319.38 440.90 Td (forth ) Tj ET Q q 0 0 0 rg BT 343.52 440.90 Td (in ) Tj ET Q q 0 0 0 rg BT 354.82 440.90 Td (the ) Tj ET Q q 0 0 0 rg BT 371.01 440.90 Td (Credit ) Tj ET Q q 0 0 0 rg BT 400.65 440.90 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 455.02 440.90 Td (as ) Tj ET Q q 0 0 0 rg BT 466.93 440.90 Td (amended ) Tj ET Q q 0 0 0 rg BT 509.38 440.90 Td (hereby) Tj ET Q q 0 0 0 rg BT 538.60 440.90 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 427.70 Td (2. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 158 426.23369140625 m 323.666015625 426.23369140625 l s q 0 0 0 rg BT 158.00 427.70 Td (Amendments ) Tj ET Q q 0 0 0 rg BT 218.95 427.70 Td (to ) Tj ET Q q 0 0 0 rg BT 229.79 427.70 Td (the ) Tj ET Q q 0 0 0 rg BT 245.52 427.70 Td (Credit ) Tj ET Q q 0 0 0 rg BT 274.80 427.70 Td (Agreement) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 323.67 427.70 Td (. ) Tj ET Q q 0 0 0 rg BT 328.71 427.70 Td ( ) Tj ET Q q 0 0 0 rg BT 330.83 427.70 Td (The ) Tj ET Q q 0 0 0 rg BT 350.22 427.70 Td (Credit ) Tj ET Q q 0 0 0 rg BT 379.50 427.70 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 430.66 427.70 Td (is ) Tj ET Q q 0 0 0 rg BT 440.28 427.70 Td (hereby ) Tj ET Q q 0 0 0 rg BT 472.50 427.70 Td (amended ) Tj ET Q q 0 0 0 rg BT 514.49 427.70 Td (as ) Tj ET Q q 0 0 0 rg BT 525.94 427.70 Td (follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 414.50 Td (\(a\) ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 158.00 414.50 Td (The ) Tj ET Q q 0 0 0 rg BT 178.46 414.50 Td (following ) Tj ET Q q 0 0 0 rg BT 224.60 414.50 Td (new ) Tj ET Q q 0 0 0 rg BT 246.29 414.50 Td (definitions ) Tj ET Q q 0 0 0 rg BT 296.70 414.50 Td (are ) Tj ET Q q 0 0 0 rg BT 313.49 414.50 Td (hereby ) Tj ET Q q 0 0 0 rg BT 346.77 414.50 Td (added ) Tj ET Q q 0 0 0 rg BT 376.40 414.50 Td (to ) Tj ET Q q 0 0 0 rg BT 388.32 414.50 Td (Section ) Tj ET Q q 0 0 0 rg BT 424.67 414.50 Td (1.2 ) Tj ET Q q 0 0 0 rg BT 441.78 414.50 Td (of ) Tj ET Q q 0 0 0 rg BT 454.31 414.50 Td (the ) Tj ET Q q 0 0 0 rg BT 471.11 414.50 Td (Credit ) Tj ET Q q 0 0 0 rg BT 501.22 414.50 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 553.45 414.50 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 401.30 Td (proper ) Tj ET Q q 0 0 0 rg BT 117.46 401.30 Td (alphabetical ) Tj ET Q q 0 0 0 rg BT 173.34 401.30 Td (order ) Tj ET Q q 0 0 0 rg BT 199.30 401.30 Td (to ) Tj ET Q q 0 0 0 rg BT 210.61 401.30 Td (read ) Tj ET Q q 0 0 0 rg BT 232.29 401.30 Td (as ) Tj ET Q q 0 0 0 rg BT 244.20 401.30 Td (follows:) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 158.00 388.10 Td () Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 166.55 388.10 Td (Ninth ) Tj ET Q q 0 0 0 rg BT 197.71 388.10 Td (Amendment) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 255.76 388.10 Td () Tj ET Q q 0 0 0 rg BT 258.60 388.10 Td ( ) Tj ET Q q 0 0 0 rg BT 264.07 388.10 Td (means ) Tj ET Q q 0 0 0 rg BT 297.64 388.10 Td (the ) Tj ET Q q 0 0 0 rg BT 316.55 388.10 Td (Ninth ) Tj ET Q q 0 0 0 rg BT 345.86 388.10 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 405.71 388.10 Td (to ) Tj ET Q q 0 0 0 rg BT 419.73 388.10 Td (Revolving ) Tj ET Q q 0 0 0 rg BT 471.03 388.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 503.99 388.10 Td (and ) Tj ET Q q 0 0 0 rg BT 525.34 388.10 Td (Security ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 158.00 374.90 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 210.83 374.90 Td (dated ) Tj ET Q q 0 0 0 rg BT 238.61 374.90 Td (as ) Tj ET Q q 0 0 0 rg BT 251.74 374.90 Td (of ) Tj ET Q q 0 0 0 rg BT 264.86 374.90 Td (March ) Tj ET Q q 0 0 0 rg BT 297.53 374.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 315.25 374.90 Td (2015 ) Tj ET Q q 0 0 0 rg BT 341.21 374.90 Td (among ) Tj ET Q q 0 0 0 rg BT 375.11 374.90 Td (Borrowers, ) Tj ET Q q 0 0 0 rg BT 428.25 374.90 Td (the ) Tj ET Q q 0 0 0 rg BT 445.66 374.90 Td (Lenders ) Tj ET Q q 0 0 0 rg BT 485.05 374.90 Td (party ) Tj ET Q q 0 0 0 rg BT 511.61 374.90 Td (thereto ) Tj ET Q q 0 0 0 rg BT 546.11 374.90 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 158.00 361.70 Td (Agent.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 158.00 336.50 Td () Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 166.55 336.50 Td (Ninth ) Tj ET Q q 0 0 0 rg BT 195.59 336.50 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 256.39 336.50 Td (Date) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 278.38 336.50 Td ( ) Tj ET Q q 0 0 0 rg BT 281.13 336.50 Td (means ) Tj ET Q q 0 0 0 rg BT 311.98 336.50 Td (March ) Tj ET Q q 0 0 0 rg BT 343.44 336.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 359.94 336.50 Td (2015.) 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311 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 748.5 m 487 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 748.5 m 487 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 733.5 m 487 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 124 733.5 m 124 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 733.5 m 311 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 124 733.5 m 311 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 124 718.5 m 311 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 733.5 m 311 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 733.5 m 487 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 733.5 m 487 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 718.5 m 487 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 124 718.5 m 124 703.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 718.5 m 311 703.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 124 718.5 m 311 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 124 703.5 m 311 703.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 718.5 m 311 703.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 718.5 m 487 703.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 718.5 m 487 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 703.5 m 487 703.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 124 703.5 m 124 688.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 703.5 m 311 688.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 124 703.5 m 311 703.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 124 688.5 m 311 688.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 703.5 m 311 688.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 703.5 m 487 688.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 703.5 m 487 703.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 688.5 m 487 688.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 124 688.5 m 124 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 688.5 m 311 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 124 688.5 m 311 688.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 124 673.5 m 311 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 688.5 m 311 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 688.5 m 487 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 688.5 m 487 688.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 673.5 m 487 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 124 673.5 m 124 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 673.5 m 311 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 124 673.5 m 311 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 124 658.5 m 311 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 673.5 m 311 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 673.5 m 487 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 673.5 m 487 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311 658.5 m 487 658.5 l s BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 175.45 736.90673828125 m 258.53544921875 736.90673828125 l s q 0 0 0 rg BT 175.45 738.37 Td (Fiscal Quarter End) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 331.85 736.90673828125 m 465.1390625 736.90673828125 l s q 0 0 0 rg BT 331.85 738.37 Td (Minimum Tangible Net Worth) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 179.25 723.37 Td (January 31, 2015) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 371.00 723.37 Td ($20,565,000) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 184.75 708.37 Td (April 30, 2015) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 371.00 708.37 Td ($14,813,800) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 187.20 693.37 Td (July 31, 2015) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 371.20 693.37 Td ($21,511,800) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 178.65 678.37 Td (October 31, 2015) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 371.00 678.37 Td ($26,191,050) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 179.25 663.37 Td (January 31, 2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 368.55 663.37 Td ($21,346,050) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 620.60 Td (\(e\) ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 158.00 620.60 Td (Section ) Tj ET Q q 0 0 0 rg BT 196.74 620.60 Td (6.5\(b\) ) Tj ET Q q 0 0 0 rg BT 228.49 620.60 Td (of ) Tj ET Q q 0 0 0 rg BT 241.23 620.60 Td (the ) Tj ET Q q 0 0 0 rg BT 258.64 620.60 Td (Credit ) Tj ET Q q 0 0 0 rg BT 290.78 620.60 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 346.84 620.60 Td (is ) Tj ET Q q 0 0 0 rg BT 357.59 620.60 Td (hereby ) Tj ET Q q 0 0 0 rg BT 392.99 620.60 Td (amended ) Tj ET Q q 0 0 0 rg BT 439.05 620.60 Td (and ) Tj ET Q q 0 0 0 rg BT 459.12 620.60 Td (restated ) Tj ET Q q 0 0 0 rg BT 499.19 620.60 Td (in ) Tj ET Q q 0 0 0 rg BT 511.27 620.60 Td (its ) Tj ET Q q 0 0 0 rg BT 525.36 620.60 Td (entirety ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 86.00 606.20 Td (to ) Tj ET Q q 0 0 0 rg BT 98.33 606.20 Td (read ) Tj ET Q q 0 0 0 rg BT 121.98 606.20 Td (as ) Tj ET Q q 0 0 0 rg BT 134.98 606.20 Td (follows:) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 158 591.53369140625 m 294.5751953125 591.53369140625 l s q 0 0 0 rg BT 158.00 593.00 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 190.97 593.00 Td (Char) Tj ET Q q 0 0 0 rg BT 212.15 593.00 Td (ge ) Tj ET Q q 0 0 0 rg BT 225.57 593.00 Td (Coverage ) Tj ET Q q 0 0 0 rg BT 270.74 593.00 Td (Ratio) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 294.58 593.00 Td (. ) Tj ET Q q 0 0 0 rg BT 300.36 593.00 Td ( ) Tj ET Q q 0 0 0 rg BT 303.39 593.00 Td (Cause ) Tj ET Q q 0 0 0 rg BT 333.30 593.00 Td (to ) Tj ET Q q 0 0 0 rg BT 344.89 593.00 Td (be ) Tj ET Q q 0 0 0 rg BT 358.30 593.00 Td (maintained ) Tj ET Q q 0 0 0 rg BT 410.20 593.00 Td (a ) Tj ET Q q 0 0 0 rg BT 418.12 593.00 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 446.20 593.00 Td (Char) Tj ET Q q 0 0 0 rg BT 467.39 593.00 Td (ge ) Tj ET Q q 0 0 0 rg BT 480.80 593.00 Td (Coverage ) Tj ET Q q 0 0 0 rg BT 525.98 593.00 Td (Ratio ) Tj ET Q q 0 0 0 rg BT 552.84 593.00 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 579.80 Td (not ) Tj ET Q q 0 0 0 rg BT 139.17 579.80 Td (less ) Tj ET Q q 0 0 0 rg BT 158.79 579.80 Td (than ) Tj ET Q q 0 0 0 rg BT 180.84 579.80 Td (1.00 ) Tj ET Q q 0 0 0 rg BT 203.21 579.80 Td (to ) Tj ET Q q 0 0 0 rg BT 214.88 579.80 Td (1.00 ) Tj ET Q q 0 0 0 rg BT 237.24 579.80 Td (for ) Tj ET Q q 0 0 0 rg BT 253.18 579.80 Td (the ) Tj ET Q q 0 0 0 rg BT 269.74 579.80 Td (trailing ) Tj ET Q q 0 0 0 rg BT 304.62 579.80 Td (twelve ) Tj ET Q q 0 0 0 rg BT 337.06 579.80 Td (month ) Tj ET Q q 0 0 0 rg BT 368.29 579.80 Td (period ) Tj ET Q q 0 0 0 rg BT 399.50 579.80 Td (of ) Tj ET Q q 0 0 0 rg BT 411.78 579.80 Td (the ) Tj ET Q q 0 0 0 rg BT 428.33 579.80 Td (Borrowers ) Tj ET Q q 0 0 0 rg BT 477.88 579.80 Td (ending ) Tj ET Q q 0 0 0 rg BT 510.94 579.80 Td (January ) Tj ET Q q 0 0 0 rg BT 548.26 579.80 Td (31, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 122.00 566.60 Td (2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 541.45 Td (\(f\) ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 158.00 541.45 Td (The ) Tj ET Q q 0 0 0 rg BT 177.30 541.45 Td (text ) Tj ET Q q 0 0 0 rg BT 195.98 541.45 Td (of ) Tj ET Q q 0 0 0 rg BT 207.34 541.45 Td (the ) Tj ET Q q 0 0 0 rg BT 222.98 541.45 Td (table ) Tj ET Q q 0 0 0 rg BT 246.55 541.45 Td (set ) Tj ET Q q 0 0 0 rg BT 260.96 541.45 Td (forth ) Tj ET Q q 0 0 0 rg BT 284.54 541.45 Td (in ) Tj ET Q q 0 0 0 rg BT 295.29 541.45 Td (clause ) Tj ET Q q 0 0 0 rg BT 324.97 541.45 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 339.37 541.45 Td (of ) Tj ET Q q 0 0 0 rg BT 350.73 541.45 Td (Section ) Tj ET Q q 0 0 0 rg BT 385.91 541.45 Td (6.5 ) Tj ET Q q 0 0 0 rg BT 401.86 541.45 Td (of ) Tj ET Q q 0 0 0 rg BT 413.22 541.45 Td (the ) Tj ET Q q 0 0 0 rg BT 428.85 541.45 Td (Credit ) Tj ET Q q 0 0 0 rg BT 458.05 541.45 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 509.11 541.45 Td (with ) Tj ET Q q 0 0 0 rg BT 530.86 541.45 Td (respect ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 528.25 Td (to ) Tj ET Q q 0 0 0 rg BT 97.31 528.25 Td (the ) Tj ET Q q 0 0 0 rg BT 113.49 528.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 140.07 528.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 175.20 528.25 Td (and ) Tj ET Q q 0 0 0 rg BT 193.83 528.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 239.36 528.25 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 279.08 528.25 Td ( ) Tj ET Q q 0 0 0 rg BT 281.83 528.25 Td (is ) Tj ET Q q 0 0 0 rg BT 291.92 528.25 Td (hereby ) Tj ET Q q 0 0 0 rg BT 324.59 528.25 Td (amended ) Tj ET Q q 0 0 0 rg BT 367.05 528.25 Td (and ) Tj ET Q q 0 0 0 rg BT 385.68 528.25 Td (restated ) Tj ET Q q 0 0 0 rg BT 422.63 528.25 Td (to ) Tj ET Q q 0 0 0 rg BT 433.94 528.25 Td (read ) Tj ET Q q 0 0 0 rg BT 455.62 528.25 Td (as ) Tj ET Q q 0 0 0 rg BT 467.53 528.25 Td (follows: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 517.7 m 123.5 502.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 517.7 m 370.5 502.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 517.7 m 370.5 517.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 502.70000000000005 m 370.5 502.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 517.7 m 370.5 502.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 517.7 m 487.5 502.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 517.7 m 487.5 517.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 502.70000000000005 m 487.5 502.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 502.70000000000005 m 123.5 487.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 502.70000000000005 m 370.5 487.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 502.70000000000005 m 370.5 502.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 487.70000000000005 m 370.5 487.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 502.70000000000005 m 370.5 487.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 502.70000000000005 m 487.5 487.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 502.70000000000005 m 487.5 502.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 487.70000000000005 m 487.5 487.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 487.70000000000005 m 123.5 461.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 487.70000000000005 m 370.5 461.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 487.70000000000005 m 370.5 487.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 461.70000000000005 m 370.5 461.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 487.70000000000005 m 370.5 461.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 487.70000000000005 m 487.5 461.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 487.70000000000005 m 487.5 487.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 461.70000000000005 m 487.5 461.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 461.70000000000005 m 123.5 435.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 461.70000000000005 m 370.5 435.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 461.70000000000005 m 370.5 461.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 435.70000000000005 m 370.5 435.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 461.70000000000005 m 370.5 435.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 461.70000000000005 m 487.5 435.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 461.70000000000005 m 487.5 461.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 435.70000000000005 m 487.5 435.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 435.70000000000005 m 123.5 409.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 435.70000000000005 m 370.5 409.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 435.70000000000005 m 370.5 435.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 409.70000000000005 m 370.5 409.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 435.70000000000005 m 370.5 409.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 435.70000000000005 m 487.5 409.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 435.70000000000005 m 487.5 435.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 409.70000000000005 m 487.5 409.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 409.70000000000005 m 123.5 383.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 409.70000000000005 m 370.5 383.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 409.70000000000005 m 370.5 409.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 383.70000000000005 m 370.5 383.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 409.70000000000005 m 370.5 383.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 409.70000000000005 m 487.5 383.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 409.70000000000005 m 487.5 409.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 383.70000000000005 m 487.5 383.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 383.70000000000005 m 123.5 357.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 383.70000000000005 m 370.5 357.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 383.70000000000005 m 370.5 383.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 357.70000000000005 m 370.5 357.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 383.70000000000005 m 370.5 357.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 383.70000000000005 m 487.5 357.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 383.70000000000005 m 487.5 383.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 357.70000000000005 m 487.5 357.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 357.70000000000005 m 123.5 331.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 357.70000000000005 m 370.5 331.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 357.70000000000005 m 370.5 357.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 331.70000000000005 m 370.5 331.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 357.70000000000005 m 370.5 331.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 357.70000000000005 m 487.5 331.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 357.70000000000005 m 487.5 357.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 331.70000000000005 m 487.5 331.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 331.70000000000005 m 123.5 305.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 331.70000000000005 m 370.5 305.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 331.70000000000005 m 370.5 331.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 305.70000000000005 m 370.5 305.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 331.70000000000005 m 370.5 305.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 331.70000000000005 m 487.5 305.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 331.70000000000005 m 487.5 331.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 305.70000000000005 m 487.5 305.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 305.70000000000005 m 123.5 279.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 305.70000000000005 m 370.5 279.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 305.70000000000005 m 370.5 305.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 279.70000000000005 m 370.5 279.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 305.70000000000005 m 370.5 279.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 305.70000000000005 m 487.5 279.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 305.70000000000005 m 487.5 305.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 279.70000000000005 m 487.5 279.70000000000005 l s 0 0 0 RG /GS0 gs 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227.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 253.70000000000005 m 370.5 253.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 227.70000000000005 m 370.5 227.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 253.70000000000005 m 370.5 227.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 253.70000000000005 m 487.5 227.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 253.70000000000005 m 487.5 253.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 227.70000000000005 m 487.5 227.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 227.70000000000005 m 123.5 201.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 227.70000000000005 m 370.5 201.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 227.70000000000005 m 370.5 227.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 123.5 201.70000000000005 m 370.5 201.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 227.70000000000005 m 370.5 201.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 227.70000000000005 m 487.5 201.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 227.70000000000005 m 487.5 227.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 201.70000000000005 m 487.5 201.70000000000005 l s BT /F1 11.00 Tf ET q 0 0 0 rg BT 149.00 507.57 Td () Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 153.88232421875 506.10673828125005 m 343.927734375 506.10673828125005 l s q 0 0 0 rg BT 153.88 507.57 Td (Fiscal Month Period and Fiscal Month End) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 408.6 506.10673828125005 m 448.6224609375 506.10673828125005 l s q 0 0 0 rg BT 408.60 507.57 Td (EBITDA) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 159.70 492.57 Td (Fiscal month ending February 28, 2015) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 397.15 492.57 Td (Not Measured) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 162.25 477.57 Td (Two consecutive fiscal months ending) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 211.50 466.57 Td (March 31, 2015) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 397.15 466.62 Td (Not Measured) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 127.20 451.57 Td (Three consecutive fiscal months ending April) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 227.25 440.57 Td (30, 2015) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 400.05 440.62 Td ($\(4,758,000\)) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 161.55 425.57 Td (Four consecutive fiscal months ending) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 215.75 414.57 Td (May 31, 2015) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 397.15 414.62 Td (Not Measured) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 160.80 399.57 Td ( Five consecutive fiscal months ending) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 215.75 388.57 Td (June 30, 2015) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 397.15 388.62 Td (Not Measured) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 164.60 373.57 Td (Six consecutive fiscal months ending) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 216.70 362.57 Td (July 31, 2015) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 403.75 362.62 Td ($4,475,000) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 158.50 347.57 Td (Seven consecutive fiscal months ending) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 209.95 336.57 Td (August 31, 2015) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 397.15 336.62 Td (Not Measured) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 160.00 321.57 Td (Eight consecutive fiscal months ending) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 202.35 310.57 Td (September 30, 2015) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 397.15 310.62 Td (Not Measured) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 161.25 295.57 Td (Nine consecutive fiscal months ending) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 208.15 284.57 Td (October 31, 2015) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 401.00 284.62 Td ($10,153,000) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 163.75 269.57 Td (Ten consecutive fiscal months ending) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 202.65 258.57 Td (November 30, 2015) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 397.15 258.62 Td (Not Measured) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 156.65 243.57 Td (Eleven consecutive fiscal months ending) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 203.25 232.57 Td (December 31, 2015) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 397.15 232.62 Td (Not Measured) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 155.85 217.57 Td (Twelve consecutive fiscal months ending) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 208.75 206.57 Td (January 31, 2016) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 401.30 206.62 Td ($6,137,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.00 165.00 Td (3. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 194 163.53369140625 m 267.490234375 163.53369140625 l s q 0 0 0 rg BT 194.00 165.00 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 251.61 165.00 Td (Fee) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 267.49 165.00 Td (. ) Tj ET Q q 0 0 0 rg BT 273.47 165.00 Td ( ) Tj ET Q q 0 0 0 rg BT 276.70 165.00 Td (On ) Tj ET Q q 0 0 0 rg BT 293.38 165.00 Td (the ) Tj ET Q q 0 0 0 rg BT 310.05 165.00 Td (date ) Tj ET Q q 0 0 0 rg BT 331.60 165.00 Td (hereof, ) Tj ET Q q 0 0 0 rg BT 365.67 165.00 Td (Borrowers ) Tj ET Q q 0 0 0 rg BT 415.33 165.00 Td (shall ) Tj ET Q q 0 0 0 rg BT 439.34 165.00 Td (pay ) Tj ET Q q 0 0 0 rg BT 458.45 165.00 Td (to ) Tj ET Q q 0 0 0 rg BT 469.53 165.00 Td (Agent, ) Tj ET Q q 0 0 0 rg BT 502.39 165.00 Td (in ) Tj ET Q q 0 0 0 rg BT 514.18 165.00 Td (addition ) Tj ET Q q 0 0 0 rg BT 553.46 165.00 Td (to ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 151.80 Td (all ) Tj ET Q q 0 0 0 rg BT 100.56 151.80 Td (other ) Tj ET Q q 0 0 0 rg BT 126.72 151.80 Td (fees ) Tj ET Q q 0 0 0 rg BT 148.00 151.80 Td (and ) Tj ET Q q 0 0 0 rg BT 167.44 151.80 Td (char) Tj ET Q q 0 0 0 rg BT 186.17 151.80 Td (ges ) Tj ET Q q 0 0 0 rg BT 204.40 151.80 Td (set ) Tj ET Q q 0 0 0 rg BT 220.18 151.80 Td (forth ) Tj ET Q q 0 0 0 rg BT 245.13 151.80 Td (in ) Tj ET Q q 0 0 0 rg BT 257.25 151.80 Td (the ) Tj ET Q q 0 0 0 rg BT 274.25 151.80 Td (Credit ) Tj ET Q q 0 0 0 rg BT 304.52 151.80 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 359.70 151.80 Td (a ) Tj ET Q q 0 0 0 rg BT 368.15 151.80 Td (non-refundable ) Tj ET Q q 0 0 0 rg BT 438.91 151.80 Td (amendment ) Tj ET Q q 0 0 0 rg BT 493.79 151.80 Td (fee ) Tj ET Q q 0 0 0 rg BT 510.78 151.80 Td (of ) Tj ET Q q 0 0 0 rg BT 523.50 151.80 Td ($15,000, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 138.60 Td (which ) Tj ET Q q 0 0 0 rg BT 115.63 138.60 Td (fee ) Tj ET Q q 0 0 0 rg BT 131.81 138.60 Td (may ) Tj ET Q q 0 0 0 rg BT 153.50 138.60 Td (be ) Tj ET Q q 0 0 0 rg BT 166.63 138.60 Td (char) Tj ET Q q 0 0 0 rg BT 185.36 138.60 Td (ged ) Tj ET Q q 0 0 0 rg BT 203.99 138.60 Td (to ) Tj ET Q q 0 0 0 rg BT 215.30 138.60 Td (the ) Tj ET Q q 0 0 0 rg BT 231.49 138.60 Td (Borrowers) Tj ET Q q 0 0 0 rg BT 280.77 138.60 Td ( ) Tj ET Q q 0 0 0 rg BT 282.91 138.60 Td (Account ) Tj ET Q q 0 0 0 rg BT 322.92 138.60 Td (as ) Tj ET Q q 0 0 0 rg BT 334.84 138.60 Td (a ) Tj ET Q q 0 0 0 rg BT 342.47 138.60 Td (Revolving ) Tj ET Q q 0 0 0 rg BT 390.44 138.60 Td (Advance ) Tj ET Q q 0 0 0 rg BT 432.29 138.60 Td (\(the ) Tj ET Q q 0 0 0 rg BT 452.14 138.60 Td () Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 457.02 138.60 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 517.82 138.60 Td (Fee) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 534.30 138.60 Td (\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 125.40 Td (4. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 158 123.93369140624998 m 251.48681640625 123.93369140624998 l s q 0 0 0 rg BT 158.00 125.40 Td (Conditions ) Tj ET Q q 0 0 0 rg BT 208.12 125.40 Td (Precedent) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 251.49 125.40 Td (. ) Tj ET Q q 0 0 0 rg BT 256.07 125.40 Td ( ) Tj ET Q q 0 0 0 rg BT 257.77 125.40 Td (The ) Tj ET Q q 0 0 0 rg BT 276.71 125.40 Td (obligations ) Tj ET Q q 0 0 0 rg BT 327.43 125.40 Td (of ) Tj ET Q q 0 0 0 rg BT 338.02 125.40 Td (Agent ) Tj ET Q q 0 0 0 rg BT 366.74 125.40 Td (and ) Tj ET Q q 0 0 0 rg BT 384.46 125.40 Td (Lenders ) Tj ET Q q 0 0 0 rg BT 421.72 125.40 Td (hereunder) Tj ET Q q 0 0 0 rg BT 465.25 125.40 Td (, ) Tj ET Q q 0 0 0 rg BT 469.84 125.40 Td (and ) Tj ET Q q 0 0 0 rg BT 487.55 125.40 Td (this ) Tj ET Q q 0 0 0 rg BT 504.88 125.40 Td (Amendment, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 112.20 Td (will ) Tj ET Q q 0 0 0 rg BT 68.50 112.20 Td (be ) Tj ET Q q 0 0 0 rg BT 80.27 112.20 Td (ef) Tj ET Q q 0 0 0 rg BT 88.62 112.20 Td (fective ) Tj ET Q q 0 0 0 rg BT 119.93 112.20 Td (on ) Tj ET Q q 0 0 0 rg BT 132.32 112.20 Td (the ) Tj ET Q q 0 0 0 rg BT 147.15 112.20 Td (date ) Tj ET Q q 0 0 0 rg BT 166.86 112.20 Td (\(the ) Tj ET Q q 0 0 0 rg BT 185.35 112.20 Td () Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 190.23 112.20 Td (Ninth ) Tj ET Q q 0 0 0 rg BT 218.22 112.20 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 277.66 112.20 Td (Effective ) Tj ET Q q 0 0 0 rg BT 320.58 112.20 Td (Date) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 342.56 112.20 Td (\) ) Tj ET Q q 0 0 0 rg BT 352.50 112.20 Td (of ) Tj ET Q q 0 0 0 rg BT 363.05 112.20 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 414.54 112.20 Td (of ) Tj ET Q q 0 0 0 rg BT 425.09 112.20 Td (each ) Tj ET Q q 0 0 0 rg BT 446.63 112.20 Td (of ) Tj ET Q q 0 0 0 rg BT 457.18 112.20 Td (the ) Tj ET Q q 0 0 0 rg BT 472.01 112.20 Td (following ) Tj ET Q q 0 0 0 rg BT 516.17 112.20 Td (conditions ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 99.00 Td (precedent, ) Tj ET Q q 0 0 0 rg BT 98.25 99.00 Td (each ) Tj ET Q q 0 0 0 rg BT 121.15 99.00 Td (in ) Tj ET Q q 0 0 0 rg BT 132.45 99.00 Td (a ) Tj ET Q q 0 0 0 rg BT 140.08 99.00 Td (manner ) Tj ET Q q 0 0 0 rg BT 175.82 99.00 Td (in ) Tj ET Q q 0 0 0 rg BT 187.12 99.00 Td (form ) Tj ET Q q 0 0 0 rg BT 211.26 99.00 Td (and ) Tj ET Q q 0 0 0 rg BT 229.89 99.00 Td (substance ) Tj ET Q q 0 0 0 rg BT 275.40 99.00 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 324.56 99.00 Td (to ) Tj ET Q q 0 0 0 rg BT 335.26 99.00 Td (Agent: ) Tj ET Q q 0 0 0 rg BT 367.95 99.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 85.80 Td (\(a\) ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 158 84.33369140624995 m 296.4248046875 84.33369140624995 l s q 0 0 0 rg BT 158.00 85.80 Td (Representations ) Tj ET Q q 0 0 0 rg BT 230.81 85.80 Td (and ) Tj ET Q q 0 0 0 rg BT 249.06 85.80 Td (W) Tj ET Q q 0 0 0 rg BT 258.56 85.80 Td (arranties) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 296.42 85.80 Td (. ) Tj ET Q q 0 0 0 rg BT 301.72 85.80 Td ( ) Tj ET Q q 0 0 0 rg BT 304.09 85.80 Td (The ) Tj ET Q q 0 0 0 rg BT 323.74 85.80 Td (representations ) Tj ET Q q 0 0 0 rg BT 392.88 85.80 Td (and ) Tj ET Q q 0 0 0 rg BT 411.31 85.80 Td (warranties ) Tj ET Q q 0 0 0 rg BT 459.67 85.80 Td (contained ) Tj ET Q q 0 0 0 rg BT 504.98 85.80 Td (herein ) Tj ET Q q 0 0 0 rg BT 535.01 85.80 Td (and ) Tj ET Q q 0 0 0 rg BT 553.44 85.80 Td (in ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 72.60 Td (the ) Tj ET Q q 0 0 0 rg BT 101.50 72.60 Td (Credit ) Tj ET Q q 0 0 0 rg BT 130.61 72.60 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 184.29 72.60 Td (as ) Tj ET Q q 0 0 0 rg BT 195.51 72.60 Td (amended ) Tj ET Q q 0 0 0 rg BT 237.28 72.60 Td (hereby) Tj ET Q q 0 0 0 rg BT 266.49 72.60 Td (, ) Tj ET Q q 0 0 0 rg BT 271.31 72.60 Td (shall ) Tj ET Q q 0 0 0 rg BT 294.15 72.60 Td (be ) Tj ET Q q 0 0 0 rg BT 306.59 72.60 Td (true ) Tj ET Q q 0 0 0 rg BT 325.76 72.60 Td (and ) Tj ET Q q 0 0 0 rg BT 343.70 72.60 Td (correct ) Tj ET Q q 0 0 0 rg BT 376.30 72.60 Td (in ) Tj ET Q q 0 0 0 rg BT 386.92 72.60 Td (all ) Tj ET Q q 0 0 0 rg BT 399.98 72.60 Td (material ) Tj ET Q q 0 0 0 rg BT 438.08 72.60 Td (respects ) Tj ET Q q 0 0 0 rg BT 475.57 72.60 Td (as ) Tj ET Q q 0 0 0 rg BT 486.79 72.60 Td (of ) Tj ET Q q 0 0 0 rg BT 498.02 72.60 Td (the ) Tj ET Q q 0 0 0 rg BT 513.52 72.60 Td (date ) Tj ET Q q 0 0 0 rg BT 533.91 72.60 Td (hereof ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 59.40 Td (as ) Tj ET Q q 0 0 0 rg BT 97.18 59.40 Td (if ) Tj ET Q q 0 0 0 rg BT 105.92 59.40 Td (made ) Tj ET Q q 0 0 0 rg BT 131.75 59.40 Td (on ) Tj ET Q q 0 0 0 rg BT 144.77 59.40 Td (the ) Tj ET Q q 0 0 0 rg BT 160.23 59.40 Td (date ) Tj ET Q q 0 0 0 rg BT 180.56 59.40 Td (hereof, ) Tj ET Q q 0 0 0 rg BT 213.42 59.40 Td (except ) Tj ET Q q 0 0 0 rg BT 244.14 59.40 Td (for ) Tj ET Q q 0 0 0 rg BT 258.99 59.40 Td (such ) Tj ET Q q 0 0 0 rg BT 281.17 59.40 Td (representations ) Tj ET Q q 0 0 0 rg BT 349.77 59.40 Td (and ) Tj ET Q q 0 0 0 rg BT 367.67 59.40 Td (warranties ) Tj ET Q q 0 0 0 rg BT 415.50 59.40 Td (limited ) Tj ET Q q 0 0 0 rg BT 448.68 59.40 Td (by ) Tj ET Q q 0 0 0 rg BT 461.69 59.40 Td (their ) Tj ET Q q 0 0 0 rg BT 483.87 59.40 Td (terms ) Tj ET Q q 0 0 0 rg BT 510.32 59.40 Td (to ) Tj ET Q q 0 0 0 rg BT 520.90 59.40 Td (a ) Tj ET Q q 0 0 0 rg BT 527.80 59.40 Td (specific ) Tj ET Q endstream endobj 155 0 obj <> endobj 156 0 obj <> stream BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 741.40 Td (date, ) Tj ET Q q 0 0 0 rg BT 109.74 741.40 Td (in ) Tj ET Q q 0 0 0 rg BT 120.97 741.40 Td (which ) Tj ET Q q 0 0 0 rg BT 150.53 741.40 Td (case ) Tj ET Q q 0 0 0 rg BT 172.13 741.40 Td (each ) Tj ET Q q 0 0 0 rg BT 194.95 741.40 Td (such ) Tj ET Q q 0 0 0 rg BT 217.79 741.40 Td (representation ) Tj ET Q q 0 0 0 rg BT 282.77 741.40 Td (and ) Tj ET Q q 0 0 0 rg BT 301.32 741.40 Td (warranty ) Tj ET Q q 0 0 0 rg BT 343.08 741.40 Td (shall ) Tj ET Q q 0 0 0 rg BT 366.53 741.40 Td (be ) Tj ET Q q 0 0 0 rg BT 379.59 741.40 Td (true ) Tj ET Q q 0 0 0 rg BT 399.36 741.40 Td (and ) Tj ET Q q 0 0 0 rg BT 417.92 741.40 Td (correct ) Tj ET Q q 0 0 0 rg BT 451.12 741.40 Td (in ) Tj ET Q q 0 0 0 rg BT 462.35 741.40 Td (all ) Tj ET Q q 0 0 0 rg BT 476.02 741.40 Td (material ) Tj ET Q q 0 0 0 rg BT 514.73 741.40 Td (respects ) Tj ET Q q 0 0 0 rg BT 552.83 741.40 Td (as ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 728.20 Td (of ) Tj ET Q q 0 0 0 rg BT 97.91 728.20 Td (such ) Tj ET Q q 0 0 0 rg BT 120.83 728.20 Td (specific ) Tj ET Q q 0 0 0 rg BT 157.78 728.20 Td (date;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 715.00 Td (\(b\) ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 158 713.53369140625 m 206.65283203125 713.53369140625 l s q 0 0 0 rg BT 158.00 715.00 Td (No ) Tj ET Q q 0 0 0 rg BT 173.67 715.00 Td (Default) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 206.65 715.00 Td (. ) Tj ET Q q 0 0 0 rg BT 211.63 715.00 Td ( ) Tj ET Q q 0 0 0 rg BT 213.36 715.00 Td (After ) Tj ET Q q 0 0 0 rg BT 238.80 715.00 Td (giving ) Tj ET Q q 0 0 0 rg BT 269.13 715.00 Td (ef) Tj ET Q q 0 0 0 rg BT 277.48 715.00 Td (fect ) Tj ET Q q 0 0 0 rg BT 296.19 715.00 Td (to ) Tj ET Q q 0 0 0 rg BT 306.97 715.00 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157.30 477.40 Td (s ) Tj ET Q q 0 0 0 rg BT 167.11 477.40 Td (by-laws, ) Tj ET Q q 0 0 0 rg BT 210.21 477.40 Td (certificate ) Tj ET Q q 0 0 0 rg BT 259.70 477.40 Td (of ) Tj ET Q q 0 0 0 rg BT 274.38 477.40 Td (incorporation, ) Tj ET Q q 0 0 0 rg BT 341.92 477.40 Td (or ) Tj ET Q q 0 0 0 rg BT 356.61 477.40 Td (other ) Tj ET Q q 0 0 0 rg BT 384.73 477.40 Td (applicable ) Tj ET Q q 0 0 0 rg BT 435.45 477.40 Td (documents ) Tj ET Q q 0 0 0 rg BT 488.64 477.40 Td (relating ) Tj ET Q q 0 0 0 rg BT 527.76 477.40 Td (to ) Tj ET Q q 0 0 0 rg BT 541.84 477.40 Td (such ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 464.20 Td (Borrower) Tj ET Q q 0 0 0 rg BT 128.56 464.20 Td () Tj ET Q q 0 0 0 rg BT 131.62 464.20 Td (s ) Tj ET Q q 0 0 0 rg BT 137.30 464.20 Td (formation ) Tj ET Q q 0 0 0 rg BT 182.09 464.20 Td (or ) Tj ET Q q 0 0 0 rg BT 192.65 464.20 Td (to ) Tj ET Q q 0 0 0 rg BT 202.62 464.20 Td (the ) Tj ET Q q 0 0 0 rg BT 217.46 464.20 Td (conduct ) Tj ET Q q 0 0 0 rg BT 253.69 464.20 Td (of ) Tj ET Q q 0 0 0 rg BT 264.26 464.20 Td (such ) Tj ET Q q 0 0 0 rg BT 285.83 464.20 Td (Borrower) Tj ET Q q 0 0 0 rg BT 328.39 464.20 Td () Tj ET Q q 0 0 0 rg BT 331.44 464.20 Td (s ) Tj ET Q q 0 0 0 rg BT 337.13 464.20 Td (business ) Tj ET Q q 0 0 0 rg BT 375.81 464.20 Td (or ) Tj ET Q q 0 0 0 rg BT 386.38 464.20 Td (of ) Tj ET Q q 0 0 0 rg BT 396.95 464.20 Td (any ) Tj ET Q q 0 0 0 rg BT 414.24 464.20 Td (material ) Tj ET Q q 0 0 0 rg BT 451.68 464.20 Td (agreement ) Tj ET Q q 0 0 0 rg BT 498.89 464.20 Td (or ) Tj ET Q q 0 0 0 rg BT 509.46 464.20 Td (undertaking ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 451.00 Td (to ) Tj ET Q q 0 0 0 rg BT 97.55 451.00 Td (which ) Tj ET Q q 0 0 0 rg BT 127.42 451.00 Td (such ) Tj ET Q q 0 0 0 rg BT 150.58 451.00 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 195.73 451.00 Td (is ) Tj ET Q q 0 0 0 rg BT 206.06 451.00 Td (a ) Tj ET Q q 0 0 0 rg BT 213.93 451.00 Td (party ) Tj ET Q q 0 0 0 rg BT 239.53 451.00 Td (or ) Tj ET Q q 0 0 0 rg BT 251.68 451.00 Td (by ) Tj ET Q q 0 0 0 rg BT 265.68 451.00 Td (which ) Tj ET Q q 0 0 0 rg BT 295.55 451.00 Td (such ) Tj ET Q q 0 0 0 rg BT 318.71 451.00 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 363.85 451.00 Td (is ) Tj ET Q q 0 0 0 rg BT 374.18 451.00 Td (bound, ) Tj ET Q q 0 0 0 rg BT 407.43 451.00 Td (\(ii\)will ) Tj ET Q q 0 0 0 rg BT 443.72 451.00 Td (not ) Tj ET Q q 0 0 0 rg BT 460.77 451.00 Td (conflict ) Tj ET Q q 0 0 0 rg BT 497.36 451.00 Td (with ) Tj ET Q q 0 0 0 rg BT 519.91 451.00 Td (or ) Tj ET Q q 0 0 0 rg BT 532.06 451.00 Td (violate ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 437.80 Td (any ) Tj ET Q q 0 0 0 rg BT 104.49 437.80 Td (law ) Tj ET Q q 0 0 0 rg BT 122.98 437.80 Td (or ) Tj ET Q q 0 0 0 rg BT 134.75 437.80 Td (regulation, ) Tj ET Q q 0 0 0 rg BT 184.71 437.80 Td (or ) Tj ET Q q 0 0 0 rg BT 196.48 437.80 Td (any ) Tj ET Q q 0 0 0 rg BT 214.97 437.80 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 261.88 437.80 Td (order) Tj ET Q q 0 0 0 rg BT 284.64 437.80 Td (, ) Tj ET Q q 0 0 0 rg BT 290.00 437.80 Td (writ, ) Tj ET Q q 0 0 0 rg BT 313.08 437.80 Td (injunction ) Tj ET Q q 0 0 0 rg BT 360.29 437.80 Td (or ) Tj ET Q q 0 0 0 rg BT 372.06 437.80 Td (decree ) Tj ET Q q 0 0 0 rg BT 403.36 437.80 Td (of ) Tj ET Q q 0 0 0 rg BT 415.14 437.80 Td (any ) Tj ET Q q 0 0 0 rg BT 433.63 437.80 Td (court ) Tj ET Q q 0 0 0 rg BT 458.84 437.80 Td (or ) Tj ET Q q 0 0 0 rg BT 470.61 437.80 Td (Governmental ) Tj ET Q q 0 0 0 rg BT 536.14 437.80 Td (Body) Tj ET Q q 0 0 0 rg BT 559.26 437.80 Td (, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 424.60 Td (\(iii\)will ) Tj ET Q q 0 0 0 rg BT 124.46 424.60 Td (not ) Tj ET Q q 0 0 0 rg BT 140.62 424.60 Td (require ) Tj ET Q q 0 0 0 rg BT 173.87 424.60 Td (the ) Tj ET Q q 0 0 0 rg BT 189.41 424.60 Td (Consent ) Tj ET Q q 0 0 0 rg BT 227.57 424.60 Td (of ) Tj ET Q q 0 0 0 rg BT 238.84 424.60 Td (any ) Tj ET Q q 0 0 0 rg BT 256.83 424.60 Td (Governmental ) Tj ET Q q 0 0 0 rg BT 321.85 424.60 Td (Body ) Tj ET Q q 0 0 0 rg BT 347.80 424.60 Td (or ) Tj ET Q q 0 0 0 rg BT 359.06 424.60 Td (any ) Tj ET Q q 0 0 0 rg BT 377.05 424.60 Td (other ) Tj ET Q q 0 0 0 rg BT 401.75 424.60 Td (Person, ) Tj ET Q q 0 0 0 rg BT 436.55 424.60 Td (except ) Tj ET Q q 0 0 0 rg BT 467.36 424.60 Td (those ) Tj ET Q q 0 0 0 rg BT 492.68 424.60 Td (Consents ) Tj ET Q q 0 0 0 rg BT 535.12 424.60 Td (which ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 411.40 Td (will ) Tj ET Q q 0 0 0 rg BT 106.31 411.40 Td (have ) Tj ET Q q 0 0 0 rg BT 130.28 411.40 Td (been ) Tj ET Q q 0 0 0 rg BT 154.25 411.40 Td (duly ) Tj ET Q q 0 0 0 rg BT 177.01 411.40 Td (obtained, ) Tj ET Q q 0 0 0 rg BT 220.84 411.40 Td (made ) Tj ET Q q 0 0 0 rg BT 247.86 411.40 Td (or ) Tj ET Q q 0 0 0 rg BT 260.23 411.40 Td (compiled ) Tj ET Q q 0 0 0 rg BT 304.36 411.40 Td (prior ) Tj ET Q q 0 0 0 rg BT 328.95 411.40 Td (to ) Tj ET Q q 0 0 0 rg BT 340.71 411.40 Td (date ) Tj ET Q q 0 0 0 rg BT 362.23 411.40 Td (hereof ) Tj ET Q q 0 0 0 rg BT 393.52 411.40 Td (and ) Tj ET Q q 0 0 0 rg BT 412.61 411.40 Td (which ) Tj ET Q q 0 0 0 rg BT 442.69 411.40 Td (are ) Tj ET Q q 0 0 0 rg BT 459.32 411.40 Td (in ) Tj ET Q q 0 0 0 rg BT 471.08 411.40 Td (full ) Tj ET Q q 0 0 0 rg BT 489.56 411.40 Td (force ) Tj ET Q q 0 0 0 rg BT 515.35 411.40 Td (and ) Tj ET Q q 0 0 0 rg BT 534.44 411.40 Td (ef) Tj ET Q q 0 0 0 rg BT 542.79 411.40 Td (fect, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 398.20 Td (and ) Tj ET Q q 0 0 0 rg BT 104.24 398.20 Td (\(iv\)will ) Tj ET Q q 0 0 0 rg BT 142.34 398.20 Td (not ) Tj ET Q q 0 0 0 rg BT 158.75 398.20 Td (conflict ) Tj ET Q q 0 0 0 rg BT 194.71 398.20 Td (with, ) Tj ET Q q 0 0 0 rg BT 219.37 398.20 Td (nor ) Tj ET Q q 0 0 0 rg BT 236.39 398.20 Td (result ) Tj ET Q q 0 0 0 rg BT 263.18 398.20 Td (in ) Tj ET Q q 0 0 0 rg BT 274.09 398.20 Td (any ) Tj ET Q q 0 0 0 rg BT 292.33 398.20 Td (breach ) Tj ET Q q 0 0 0 rg BT 324.00 398.20 Td (in ) Tj ET Q q 0 0 0 rg BT 334.91 398.20 Td (any ) Tj ET Q q 0 0 0 rg BT 353.15 398.20 Td (of ) Tj ET Q q 0 0 0 rg BT 364.67 398.20 Td (the ) Tj ET Q q 0 0 0 rg BT 380.47 398.20 Td (provisions ) Tj ET Q q 0 0 0 rg BT 428.66 398.20 Td (of ) Tj ET Q q 0 0 0 rg BT 440.18 398.20 Td (or ) Tj ET Q q 0 0 0 rg BT 451.70 398.20 Td (constitute ) Tj ET Q q 0 0 0 rg BT 496.82 398.20 Td (a ) Tj ET Q q 0 0 0 rg BT 504.06 398.20 Td (default ) Tj ET Q q 0 0 0 rg BT 536.96 398.20 Td (under ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 385.00 Td (or ) Tj ET Q q 0 0 0 rg BT 97.97 385.00 Td (result ) Tj ET Q q 0 0 0 rg BT 125.22 385.00 Td (in ) Tj ET Q q 0 0 0 rg BT 136.59 385.00 Td (the ) Tj ET Q q 0 0 0 rg BT 152.84 385.00 Td (creation ) Tj ET Q q 0 0 0 rg BT 191.07 385.00 Td (of ) Tj ET Q q 0 0 0 rg BT 203.04 385.00 Td (any ) Tj ET Q q 0 0 0 rg BT 221.74 385.00 Td (Lien ) Tj ET Q q 0 0 0 rg BT 244.71 385.00 Td (except ) Tj ET Q q 0 0 0 rg BT 276.22 385.00 Td (Permitted ) Tj ET Q q 0 0 0 rg BT 321.80 385.00 Td (Encumbrances ) Tj ET Q q 0 0 0 rg BT 389.36 385.00 Td (upon ) Tj ET Q q 0 0 0 rg BT 414.17 385.00 Td (any ) Tj ET Q q 0 0 0 rg BT 432.86 385.00 Td (asset ) Tj ET Q q 0 0 0 rg BT 457.06 385.00 Td (of ) Tj ET Q q 0 0 0 rg BT 469.03 385.00 Td (such ) Tj ET Q q 0 0 0 rg BT 492.00 385.00 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 536.97 385.00 Td (under ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 371.80 Td (the ) Tj ET Q q 0 0 0 rg BT 102.00 371.80 Td (provisions ) Tj ET Q q 0 0 0 rg BT 150.39 371.80 Td (of ) Tj ET Q q 0 0 0 rg BT 162.12 371.80 Td (any ) Tj ET Q q 0 0 0 rg BT 180.56 371.80 Td (material ) Tj ET Q q 0 0 0 rg BT 219.15 371.80 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 270.27 371.80 Td (charter ) Tj ET Q q 0 0 0 rg BT 303.36 371.80 Td (document, ) Tj ET Q q 0 0 0 rg BT 352.04 371.80 Td (instrument, ) Tj ET Q q 0 0 0 rg BT 404.40 371.80 Td (by-law ) Tj ET Q q 0 0 0 rg BT 437.51 371.80 Td (or ) Tj ET Q q 0 0 0 rg BT 449.23 371.80 Td (other ) Tj ET Q q 0 0 0 rg BT 474.39 371.80 Td (instrument ) Tj ET Q q 0 0 0 rg BT 524.00 371.80 Td (to ) Tj ET Q q 0 0 0 rg BT 535.12 371.80 Td (which ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 358.60 Td (such ) Tj ET Q q 0 0 0 rg BT 108.91 358.60 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 153.82 358.60 Td (is ) Tj ET Q q 0 0 0 rg BT 163.90 358.60 Td (a ) Tj ET Q q 0 0 0 rg BT 171.53 358.60 Td (party ) Tj ET Q q 0 0 0 rg BT 196.89 358.60 Td (or ) Tj ET Q q 0 0 0 rg BT 208.80 358.60 Td (by ) Tj ET Q q 0 0 0 rg BT 222.55 358.60 Td (which ) Tj ET Q q 0 0 0 rg BT 252.18 358.60 Td (it ) Tj ET Q q 0 0 0 rg BT 261.04 358.60 Td (or ) Tj ET Q q 0 0 0 rg BT 272.96 358.60 Td (its ) Tj ET Q q 0 0 0 rg BT 286.10 358.60 Td (property ) Tj ET Q q 0 0 0 rg BT 326.11 358.60 Td (is ) Tj ET Q q 0 0 0 rg BT 336.20 358.60 Td (a ) Tj ET Q q 0 0 0 rg BT 343.83 358.60 Td (party ) Tj ET Q q 0 0 0 rg BT 369.19 358.60 Td (or ) Tj ET Q q 0 0 0 rg BT 381.10 358.60 Td (by ) Tj ET Q q 0 0 0 rg BT 394.85 358.60 Td (which ) Tj ET Q q 0 0 0 rg BT 424.48 358.60 Td (it ) Tj ET Q q 0 0 0 rg BT 433.34 358.60 Td (may ) Tj ET Q q 0 0 0 rg BT 455.03 358.60 Td (be ) Tj ET Q q 0 0 0 rg BT 468.16 358.60 Td (bound.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 345.40 Td (\(b\) ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 158.00 345.40 Td (After ) Tj ET Q q 0 0 0 rg BT 184.59 345.40 Td (giving ) Tj ET Q q 0 0 0 rg BT 216.08 345.40 Td (ef) Tj ET Q q 0 0 0 rg BT 224.43 345.40 Td (fect ) Tj ET Q q 0 0 0 rg BT 244.29 345.40 Td (to ) Tj ET Q q 0 0 0 rg BT 256.23 345.40 Td (this ) Tj ET Q q 0 0 0 rg BT 274.75 345.40 Td (Amendment, ) Tj ET Q q 0 0 0 rg BT 335.26 345.40 Td (the ) Tj ET Q q 0 0 0 rg BT 352.08 345.40 Td (representations ) Tj ET Q q 0 0 0 rg BT 422.04 345.40 Td (and ) Tj ET Q q 0 0 0 rg BT 441.31 345.40 Td (warranties ) Tj ET Q q 0 0 0 rg BT 490.50 345.40 Td (contained ) Tj ET Q q 0 0 0 rg BT 536.64 345.40 Td (in ) Tj ET Q q 0 0 0 rg BT 548.57 345.40 Td (the ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 332.20 Td (Credit ) Tj ET Q q 0 0 0 rg BT 115.66 332.20 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 167.30 332.20 Td (are ) Tj ET Q q 0 0 0 rg BT 183.51 332.20 Td (true ) Tj ET Q q 0 0 0 rg BT 203.38 332.20 Td (and ) Tj ET Q q 0 0 0 rg BT 222.04 332.20 Td (correct ) Tj ET Q q 0 0 0 rg BT 255.35 332.20 Td (in ) Tj ET Q q 0 0 0 rg BT 266.68 332.20 Td (all ) Tj ET Q q 0 0 0 rg BT 280.45 332.20 Td (material ) Tj ET Q q 0 0 0 rg BT 319.27 332.20 Td (respects ) Tj ET Q q 0 0 0 rg BT 357.47 332.20 Td (except ) Tj ET Q q 0 0 0 rg BT 388.95 332.20 Td (to ) Tj ET Q q 0 0 0 rg BT 400.28 332.20 Td (the ) Tj ET Q q 0 0 0 rg BT 416.50 332.20 Td (extent ) Tj ET Q q 0 0 0 rg BT 446.15 332.20 Td (any ) Tj ET Q q 0 0 0 rg BT 464.81 332.20 Td (such ) Tj ET Q q 0 0 0 rg BT 487.75 332.20 Td (representation ) Tj ET Q q 0 0 0 rg BT 552.83 332.20 Td (or ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 319.00 Td (warranty ) Tj ET Q q 0 0 0 rg BT 128.04 319.00 Td (is ) Tj ET Q q 0 0 0 rg BT 138.32 319.00 Td (expressly ) Tj ET Q q 0 0 0 rg BT 182.81 319.00 Td (stated ) Tj ET Q q 0 0 0 rg BT 211.41 319.00 Td (to ) Tj ET Q q 0 0 0 rg BT 222.91 319.00 Td (have ) Tj ET Q q 0 0 0 rg BT 246.62 319.00 Td (been ) Tj ET Q q 0 0 0 rg BT 270.33 319.00 Td (made ) Tj ET Q q 0 0 0 rg BT 297.10 319.00 Td (as ) Tj ET Q q 0 0 0 rg BT 309.20 319.00 Td (of ) Tj ET Q q 0 0 0 rg BT 321.31 319.00 Td (a ) Tj ET Q q 0 0 0 rg BT 329.14 319.00 Td (specific ) Tj ET Q q 0 0 0 rg BT 366.29 319.00 Td (date, ) Tj ET Q q 0 0 0 rg BT 390.30 319.00 Td (in ) Tj ET Q q 0 0 0 rg BT 401.80 319.00 Td (which ) Tj ET Q q 0 0 0 rg BT 431.63 319.00 Td (case ) Tj ET Q q 0 0 0 rg BT 453.50 319.00 Td (each ) Tj ET Q q 0 0 0 rg BT 476.59 319.00 Td (such ) Tj ET Q q 0 0 0 rg BT 499.70 319.00 Td (representation ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 305.80 Td (and ) Tj ET Q q 0 0 0 rg BT 104.96 305.80 Td (warranty ) Tj ET Q q 0 0 0 rg BT 147.13 305.80 Td (is ) Tj ET Q q 0 0 0 rg BT 157.54 305.80 Td (true ) Tj ET Q q 0 0 0 rg BT 177.72 305.80 Td (and ) Tj ET Q q 0 0 0 rg BT 196.68 305.80 Td (correct ) Tj ET Q q 0 0 0 rg BT 230.29 305.80 Td (in ) Tj ET Q q 0 0 0 rg BT 241.92 305.80 Td (all ) Tj ET Q q 0 0 0 rg BT 256.00 305.80 Td (material ) Tj ET Q q 0 0 0 rg BT 295.11 305.80 Td (respects ) Tj ET Q q 0 0 0 rg BT 333.61 305.80 Td (as ) Tj ET Q q 0 0 0 rg BT 345.85 305.80 Td (of ) Tj ET Q q 0 0 0 rg BT 358.09 305.80 Td (such ) Tj ET Q q 0 0 0 rg BT 381.33 305.80 Td (specific ) Tj ET Q q 0 0 0 rg BT 418.62 305.80 Td (date, ) Tj ET Q q 0 0 0 rg BT 442.76 305.80 Td (and ) Tj ET Q q 0 0 0 rg BT 461.72 305.80 Td (no ) Tj ET Q q 0 0 0 rg BT 475.80 305.80 Td (Default ) Tj ET Q q 0 0 0 rg BT 511.86 305.80 Td (or ) Tj ET Q q 0 0 0 rg BT 524.10 305.80 Td (Event ) Tj ET Q q 0 0 0 rg BT 552.84 305.80 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 86.00 292.60 Td (Default ) Tj ET Q q 0 0 0 rg BT 121.73 292.60 Td (has ) Tj ET Q q 0 0 0 rg BT 139.15 292.60 Td (occurred ) Tj ET Q q 0 0 0 rg BT 180.37 292.60 Td (and ) Tj ET Q q 0 0 0 rg BT 199.00 292.60 Td (is ) Tj ET Q q 0 0 0 rg BT 209.09 292.60 Td (continuing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 279.40 Td (6. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 158 277.93369140625 m 219.4990234375 277.93369140625 l s q 0 0 0 rg BT 158.00 279.40 Td (Reaf) Tj ET Q q 0 0 0 rg BT 178.57 279.40 Td (firmation) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 219.50 279.40 Td (. ) Tj ET Q q 0 0 0 rg BT 225.64 279.40 Td ( ) Tj ET Q q 0 0 0 rg BT 229.04 279.40 Td (Except ) Tj ET Q q 0 0 0 rg BT 262.97 279.40 Td (as ) Tj ET Q q 0 0 0 rg BT 275.52 279.40 Td (specifically ) Tj ET Q q 0 0 0 rg BT 329.62 279.40 Td (modified ) Tj ET Q q 0 0 0 rg BT 372.72 279.40 Td (by ) Tj ET Q q 0 0 0 rg BT 387.12 279.40 Td (this ) Tj ET Q q 0 0 0 rg BT 405.65 279.40 Td (Amendment, ) Tj ET Q q 0 0 0 rg BT 466.17 279.40 Td (the ) Tj ET Q q 0 0 0 rg BT 483.00 279.40 Td (Credit ) Tj ET Q q 0 0 0 rg BT 513.14 279.40 Td (Agreement ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 266.20 Td (and ) Tj ET Q q 0 0 0 rg BT 68.18 266.20 Td (the ) Tj ET Q q 0 0 0 rg BT 83.92 266.20 Td (other ) Tj ET Q q 0 0 0 rg BT 108.83 266.20 Td (Loan ) Tj ET Q q 0 0 0 rg BT 133.73 266.20 Td (Documents ) Tj ET Q q 0 0 0 rg BT 186.13 266.20 Td (remain ) Tj ET Q q 0 0 0 rg BT 218.98 266.20 Td (in ) Tj ET Q q 0 0 0 rg BT 229.83 266.20 Td (full ) Tj ET Q q 0 0 0 rg BT 247.41 266.20 Td (force ) Tj ET Q q 0 0 0 rg BT 272.30 266.20 Td (and ) Tj ET Q q 0 0 0 rg BT 290.49 266.20 Td (ef) Tj ET Q q 0 0 0 rg BT 298.83 266.20 Td (fect ) Tj ET Q q 0 0 0 rg BT 317.62 266.20 Td (in ) Tj ET Q q 0 0 0 rg BT 328.48 266.20 Td (accordance ) Tj ET Q q 0 0 0 rg BT 380.24 266.20 Td (with ) Tj ET Q q 0 0 0 rg BT 402.09 266.20 Td (their ) Tj ET Q q 0 0 0 rg BT 424.55 266.20 Td (respective ) Tj ET Q q 0 0 0 rg BT 471.44 266.20 Td (terms ) Tj ET Q q 0 0 0 rg BT 498.18 266.20 Td (and ) Tj ET Q q 0 0 0 rg BT 516.37 266.20 Td (are ) Tj ET Q q 0 0 0 rg BT 532.10 266.20 Td (hereby ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 253.00 Td (ratified, ) Tj ET Q q 0 0 0 rg BT 87.26 253.00 Td (reaf) Tj ET Q q 0 0 0 rg BT 104.15 253.00 Td (firmed ) Tj ET Q q 0 0 0 rg BT 136.22 253.00 Td (and ) Tj ET Q q 0 0 0 rg BT 154.85 253.00 Td (confirmed ) Tj ET Q q 0 0 0 rg BT 202.81 253.00 Td (by ) Tj ET Q q 0 0 0 rg BT 216.56 253.00 Td (Borrowers. ) Tj ET Q q 0 0 0 rg BT 268.49 253.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 239.80 Td (7. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 158 238.33369140624995 m 236.02294921875 238.33369140624995 l s q 0 0 0 rg BT 158.00 239.80 Td (Events ) Tj ET Q q 0 0 0 rg BT 190.91 239.80 Td (of ) Tj ET Q q 0 0 0 rg BT 203.04 239.80 Td (Default) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 236.02 239.80 Td (. ) Tj ET Q q 0 0 0 rg BT 241.74 239.80 Td ( ) Tj ET Q q 0 0 0 rg BT 244.06 239.80 Td (Any ) Tj ET Q q 0 0 0 rg BT 265.97 239.80 Td (failure ) Tj ET Q q 0 0 0 rg BT 297.64 239.80 Td (to ) Tj ET Q q 0 0 0 rg BT 309.16 239.80 Td (comply ) Tj ET Q q 0 0 0 rg BT 345.13 239.80 Td (with ) Tj ET Q q 0 0 0 rg BT 367.65 239.80 Td (the ) Tj ET Q q 0 0 0 rg BT 384.06 239.80 Td (terms ) Tj ET Q q 0 0 0 rg BT 411.47 239.80 Td (of ) Tj ET Q q 0 0 0 rg BT 423.60 239.80 Td (this ) Tj ET Q q 0 0 0 rg BT 441.81 239.80 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 499.15 239.80 Td (will ) Tj ET Q q 0 0 0 rg BT 519.23 239.80 Td (constitute ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 226.60 Td (an ) Tj ET Q q 0 0 0 rg BT 63.13 226.60 Td (Event ) Tj ET Q q 0 0 0 rg BT 91.54 226.60 Td (of ) Tj ET Q q 0 0 0 rg BT 103.45 226.60 Td (Default ) Tj ET Q q 0 0 0 rg BT 139.19 226.60 Td (under ) Tj ET Q q 0 0 0 rg BT 166.98 226.60 Td (the ) Tj ET Q q 0 0 0 rg BT 183.17 226.60 Td (Credit ) Tj ET Q q 0 0 0 rg BT 212.81 226.60 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 213.40 Td (8. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 158 211.93369140624998 m 206.25927734375 211.93369140624998 l s q 0 0 0 rg BT 158.00 213.40 Td (Integration) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 206.26 213.40 Td (. ) Tj ET Q q 0 0 0 rg BT 211.29 213.40 Td ( ) Tj ET Q q 0 0 0 rg BT 213.40 213.40 Td (This ) Tj ET Q q 0 0 0 rg BT 234.73 213.40 Td (Amendment, ) Tj ET Q q 0 0 0 rg BT 294.13 213.40 Td (together ) Tj ET Q q 0 0 0 rg BT 332.44 213.40 Td (with ) Tj ET Q q 0 0 0 rg BT 354.28 213.40 Td (the ) Tj ET Q q 0 0 0 rg BT 369.99 213.40 Td (Credit ) Tj ET Q q 0 0 0 rg BT 399.26 213.40 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 450.40 213.40 Td (and ) Tj ET Q q 0 0 0 rg BT 468.56 213.40 Td (the ) Tj ET Q q 0 0 0 rg BT 484.27 213.40 Td (Loan ) Tj ET Q q 0 0 0 rg BT 509.15 213.40 Td (Documents, ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 200.20 Td (incorporates ) Tj ET Q q 0 0 0 rg BT 107.12 200.20 Td (all ) Tj ET Q q 0 0 0 rg BT 120.87 200.20 Td (negotiations ) Tj ET Q q 0 0 0 rg BT 177.39 200.20 Td (of ) Tj ET Q q 0 0 0 rg BT 189.31 200.20 Td (the ) Tj ET Q q 0 0 0 rg BT 205.50 200.20 Td (parties ) Tj ET Q q 0 0 0 rg BT 237.58 200.20 Td (hereto ) Tj ET Q q 0 0 0 rg BT 267.81 200.20 Td (with ) Tj ET Q q 0 0 0 rg BT 290.12 200.20 Td (respect ) Tj ET Q q 0 0 0 rg BT 324.03 200.20 Td (to ) Tj ET Q q 0 0 0 rg BT 335.34 200.20 Td (the ) Tj ET Q q 0 0 0 rg BT 351.53 200.20 Td (subject ) Tj ET Q q 0 0 0 rg BT 385.44 200.20 Td (matter ) Tj ET Q q 0 0 0 rg BT 416.29 200.20 Td (hereof ) Tj ET Q q 0 0 0 rg BT 447.13 200.20 Td (and ) Tj ET Q q 0 0 0 rg BT 465.77 200.20 Td (is ) Tj ET Q q 0 0 0 rg BT 475.86 200.20 Td (the ) Tj ET Q q 0 0 0 rg BT 492.05 200.20 Td (final ) Tj ET Q q 0 0 0 rg BT 514.97 200.20 Td (expression ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 187.00 Td (and ) Tj ET Q q 0 0 0 rg BT 68.63 187.00 Td (agreement ) Tj ET Q q 0 0 0 rg BT 117.19 187.00 Td (of ) Tj ET Q q 0 0 0 rg BT 129.10 187.00 Td (the ) Tj ET Q q 0 0 0 rg BT 145.29 187.00 Td (parties ) Tj ET Q q 0 0 0 rg BT 177.36 187.00 Td (hereto ) Tj ET Q q 0 0 0 rg BT 207.59 187.00 Td (with ) Tj ET Q q 0 0 0 rg BT 229.90 187.00 Td (respect ) Tj ET Q q 0 0 0 rg BT 263.80 187.00 Td (to ) Tj ET Q q 0 0 0 rg BT 275.10 187.00 Td (the ) Tj ET Q q 0 0 0 rg BT 291.29 187.00 Td (subject ) Tj ET Q q 0 0 0 rg BT 325.20 187.00 Td (matter ) Tj ET Q q 0 0 0 rg BT 356.04 187.00 Td (hereof.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 173.80 Td (9. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 158 172.33369140624995 m 210.794921875 172.33369140624995 l s q 0 0 0 rg BT 158.00 173.80 Td (Severability) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 210.44 173.80 Td (. ) Tj ET Q q 0 0 0 rg BT 216.00 173.80 Td ( ) Tj ET Q q 0 0 0 rg BT 218.82 173.80 Td (If ) Tj ET Q q 0 0 0 rg BT 228.96 173.80 Td (any ) Tj ET Q q 0 0 0 rg BT 247.66 173.80 Td (part ) Tj ET Q q 0 0 0 rg BT 267.58 173.80 Td (of ) Tj ET Q q 0 0 0 rg BT 279.56 173.80 Td (this ) Tj ET Q q 0 0 0 rg BT 297.64 173.80 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 354.84 173.80 Td (is ) Tj ET Q q 0 0 0 rg BT 364.99 173.80 Td (contrary ) Tj ET Q q 0 0 0 rg BT 404.45 173.80 Td (to, ) Tj ET Q q 0 0 0 rg BT 418.57 173.80 Td (prohibited ) Tj ET Q q 0 0 0 rg BT 466.60 173.80 Td (by) Tj ET Q q 0 0 0 rg BT 476.89 173.80 Td (, ) Tj ET Q q 0 0 0 rg BT 482.46 173.80 Td (or ) Tj ET Q q 0 0 0 rg BT 494.44 173.80 Td (deemed ) Tj ET Q q 0 0 0 rg BT 531.45 173.80 Td (invalid ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 160.60 Td (under ) Tj ET Q q 0 0 0 rg BT 76.98 160.60 Td (Applicable ) Tj ET Q q 0 0 0 rg BT 127.73 160.60 Td (Laws, ) Tj ET Q q 0 0 0 rg BT 156.80 160.60 Td (such ) Tj ET Q q 0 0 0 rg BT 179.45 160.60 Td (provision ) Tj ET Q q 0 0 0 rg BT 223.49 160.60 Td (shall ) Tj ET Q q 0 0 0 rg BT 246.76 160.60 Td (be ) Tj ET Q q 0 0 0 rg BT 259.63 160.60 Td (inapplicable ) Tj ET Q q 0 0 0 rg BT 315.87 160.60 Td (and ) Tj ET Q q 0 0 0 rg BT 334.24 160.60 Td (deemed ) Tj ET Q q 0 0 0 rg BT 370.93 160.60 Td (omitted ) Tj ET Q q 0 0 0 rg BT 407.03 160.60 Td (to ) Tj ET Q q 0 0 0 rg BT 418.07 160.60 Td (the ) Tj ET Q q 0 0 0 rg BT 434.00 160.60 Td (extent ) Tj ET Q q 0 0 0 rg BT 463.36 160.60 Td (so ) Tj ET Q q 0 0 0 rg BT 475.63 160.60 Td (contrary) Tj ET Q q 0 0 0 rg BT 511.56 160.60 Td (, ) Tj ET Q q 0 0 0 rg BT 516.80 160.60 Td (prohibited ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 147.40 Td (or ) Tj ET Q q 0 0 0 rg BT 61.91 147.40 Td (invalid, ) Tj ET Q q 0 0 0 rg BT 97.96 147.40 Td (but ) Tj ET Q q 0 0 0 rg BT 114.77 147.40 Td (the ) Tj ET Q q 0 0 0 rg BT 130.96 147.40 Td (remainder ) Tj ET Q q 0 0 0 rg BT 178.29 147.40 Td (hereof ) Tj ET Q q 0 0 0 rg BT 209.13 147.40 Td (shall ) Tj ET Q q 0 0 0 rg BT 232.66 147.40 Td (not ) Tj ET Q q 0 0 0 rg BT 249.47 147.40 Td (be ) Tj ET Q q 0 0 0 rg BT 262.60 147.40 Td (invalidated ) Tj ET Q q 0 0 0 rg BT 314.22 147.40 Td (thereby ) Tj ET Q q 0 0 0 rg BT 349.95 147.40 Td (and ) Tj ET Q q 0 0 0 rg BT 368.59 147.40 Td (shall ) Tj ET Q q 0 0 0 rg BT 392.11 147.40 Td (be ) Tj ET Q q 0 0 0 rg BT 405.24 147.40 Td (given ) Tj ET Q q 0 0 0 rg BT 432.43 147.40 Td (ef) Tj ET Q q 0 0 0 rg BT 440.78 147.40 Td (fect ) Tj ET Q q 0 0 0 rg BT 460.01 147.40 Td (so ) Tj ET Q q 0 0 0 rg BT 472.54 147.40 Td (far ) Tj ET Q q 0 0 0 rg BT 487.50 147.40 Td (as ) Tj ET Q q 0 0 0 rg BT 499.42 147.40 Td (possible.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 134.20 Td (10. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 158 132.73369140625005 m 277.0546875 132.73369140625005 l s q 0 0 0 rg BT 158.00 134.20 Td (Submission ) Tj ET Q q 0 0 0 rg BT 211.69 134.20 Td (of ) Tj ET Q q 0 0 0 rg BT 222.68 134.20 Td (Amendment) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 277.05 134.20 Td (. ) Tj ET Q q 0 0 0 rg BT 282.15 134.20 Td ( ) Tj ET Q q 0 0 0 rg BT 284.32 134.20 Td (The ) Tj ET Q q 0 0 0 rg BT 303.76 134.20 Td (submission ) Tj ET Q q 0 0 0 rg BT 355.61 134.20 Td (of ) Tj ET Q q 0 0 0 rg BT 367.12 134.20 Td (this ) Tj ET Q q 0 0 0 rg BT 384.84 134.20 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 441.56 134.20 Td (to ) Tj ET Q q 0 0 0 rg BT 452.45 134.20 Td (the ) Tj ET Q q 0 0 0 rg BT 468.23 134.20 Td (parties ) Tj ET Q q 0 0 0 rg BT 499.90 134.20 Td (or ) Tj ET Q q 0 0 0 rg BT 511.40 134.20 Td (their ) Tj ET Q q 0 0 0 rg BT 533.90 134.20 Td (agents ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 121.00 Td (or ) Tj ET Q q 0 0 0 rg BT 62.57 121.00 Td (attorneys ) Tj ET Q q 0 0 0 rg BT 106.29 121.00 Td (for ) Tj ET Q q 0 0 0 rg BT 122.53 121.00 Td (review ) Tj ET Q q 0 0 0 rg BT 155.86 121.00 Td (or ) Tj ET Q q 0 0 0 rg BT 168.43 121.00 Td (signature ) Tj ET Q q 0 0 0 rg BT 212.15 121.00 Td (does ) Tj ET Q q 0 0 0 rg BT 235.72 121.00 Td (not ) Tj ET Q q 0 0 0 rg BT 253.18 121.00 Td (constitute ) Tj ET Q q 0 0 0 rg BT 299.36 121.00 Td (a ) Tj ET Q q 0 0 0 rg BT 307.65 121.00 Td (commitment ) Tj ET Q q 0 0 0 rg BT 366.65 121.00 Td (by ) Tj ET Q q 0 0 0 rg BT 380.31 121.00 Td (Agent ) Tj ET Q q 0 0 0 rg BT 410.59 121.00 Td (or ) Tj ET Q q 0 0 0 rg BT 423.16 121.00 Td (Lenders ) Tj ET Q q 0 0 0 rg BT 462.00 121.00 Td (to ) Tj ET Q q 0 0 0 rg BT 473.96 121.00 Td (amend ) Tj ET Q q 0 0 0 rg BT 506.68 121.00 Td (or ) Tj ET Q q 0 0 0 rg BT 519.25 121.00 Td (otherwise ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 107.80 Td (modify ) Tj ET Q q 0 0 0 rg BT 84.36 107.80 Td (any ) Tj ET Q q 0 0 0 rg BT 102.82 107.80 Td (of ) Tj ET Q q 0 0 0 rg BT 114.56 107.80 Td (the ) Tj ET Q q 0 0 0 rg BT 130.58 107.80 Td (provisions ) Tj ET Q q 0 0 0 rg BT 179.00 107.80 Td (of ) Tj ET Q q 0 0 0 rg BT 190.75 107.80 Td (the ) Tj ET Q q 0 0 0 rg BT 206.77 107.80 Td (Credit ) Tj ET Q q 0 0 0 rg BT 236.27 107.80 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 287.72 107.80 Td (and ) Tj ET Q q 0 0 0 rg BT 306.18 107.80 Td (this ) Tj ET Q q 0 0 0 rg BT 324.09 107.80 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 381.04 107.80 Td (shall ) Tj ET Q q 0 0 0 rg BT 404.40 107.80 Td (have ) Tj ET Q q 0 0 0 rg BT 427.75 107.80 Td (no ) Tj ET Q q 0 0 0 rg BT 441.33 107.80 Td (binding ) Tj ET Q q 0 0 0 rg BT 477.52 107.80 Td (force ) Tj ET Q q 0 0 0 rg BT 502.69 107.80 Td (or ) Tj ET Q q 0 0 0 rg BT 514.44 107.80 Td (ef) Tj ET Q q 0 0 0 rg BT 522.78 107.80 Td (fect ) Tj ET Q q 0 0 0 rg BT 541.85 107.80 Td (until ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 94.60 Td (the ) Tj ET Q q 0 0 0 rg BT 66.19 94.60 Td (Ninth ) Tj ET Q q 0 0 0 rg BT 93.39 94.60 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 150.51 94.60 Td (Ef) Tj ET Q q 0 0 0 rg BT 160.70 94.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 193.37 94.60 Td (Date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 81.40 Td (1) Tj ET Q q 0 0 0 rg BT 126.63 81.40 Td (1. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 158 79.93369140624998 m 311.29345703125 79.93369140624998 l s q 0 0 0 rg BT 158.00 81.40 Td (Counterparts; ) Tj ET Q q 0 0 0 rg BT 219.98 81.40 Td (Facsimile ) Tj ET Q q 0 0 0 rg BT 264.85 81.40 Td (Signatures) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 311.29 81.40 Td (. ) Tj ET Q q 0 0 0 rg BT 316.15 81.40 Td ( ) Tj ET Q q 0 0 0 rg BT 318.10 81.40 Td (This ) Tj ET Q q 0 0 0 rg BT 339.30 81.40 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 395.78 81.40 Td (may ) Tj ET Q q 0 0 0 rg BT 416.82 81.40 Td (be ) Tj ET Q q 0 0 0 rg BT 429.31 81.40 Td (executed ) Tj ET Q q 0 0 0 rg BT 470.49 81.40 Td (in ) Tj ET Q q 0 0 0 rg BT 481.15 81.40 Td (any ) Tj ET Q q 0 0 0 rg BT 499.14 81.40 Td (number ) Tj ET Q q 0 0 0 rg BT 534.85 81.40 Td (of ) Tj ET Q q 0 0 0 rg BT 546.11 81.40 Td (and ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 68.20 Td (by ) Tj ET Q q 0 0 0 rg BT 63.80 68.20 Td (dif) Tj ET Q q 0 0 0 rg BT 75.82 68.20 Td (ferent ) Tj ET Q q 0 0 0 rg BT 104.27 68.20 Td (parties ) Tj ET Q q 0 0 0 rg BT 136.39 68.20 Td (hereto ) Tj ET Q q 0 0 0 rg BT 166.67 68.20 Td (on ) Tj ET Q q 0 0 0 rg BT 180.47 68.20 Td (separate ) Tj ET Q q 0 0 0 rg BT 219.30 68.20 Td (counterparts, ) Tj ET Q q 0 0 0 rg BT 279.22 68.20 Td (all ) Tj ET Q q 0 0 0 rg BT 293.01 68.20 Td (of ) Tj ET Q q 0 0 0 rg BT 304.97 68.20 Td (which, ) Tj ET Q q 0 0 0 rg BT 337.41 68.20 Td (when ) Tj ET Q q 0 0 0 rg BT 364.03 68.20 Td (so ) Tj ET Q q 0 0 0 rg BT 376.61 68.20 Td (executed, ) Tj ET Q q 0 0 0 rg BT 421.25 68.20 Td (shall ) Tj ET Q q 0 0 0 rg BT 444.82 68.20 Td (be ) Tj ET Q q 0 0 0 rg BT 458.00 68.20 Td (deemed ) Tj ET Q q 0 0 0 rg BT 495.01 68.20 Td (an ) Tj ET Q q 0 0 0 rg BT 508.19 68.20 Td (original, ) Tj ET Q q 0 0 0 rg BT 547.95 68.20 Td (but ) Tj ET Q endstream endobj 157 0 obj <> endobj 158 0 obj <> stream BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 741.40 Td (all ) Tj ET Q q 0 0 0 rg BT 64.18 741.40 Td (such ) Tj ET Q q 0 0 0 rg BT 87.52 741.40 Td (counterparts ) Tj ET Q q 0 0 0 rg BT 145.07 741.40 Td (shall ) Tj ET Q q 0 0 0 rg BT 169.03 741.40 Td (constitute ) Tj ET Q q 0 0 0 rg BT 214.98 741.40 Td (one ) Tj ET Q q 0 0 0 rg BT 234.05 741.40 Td (and ) Tj ET Q q 0 0 0 rg BT 253.11 741.40 Td (the ) Tj ET Q q 0 0 0 rg BT 269.73 741.40 Td (same ) Tj ET Q q 0 0 0 rg BT 295.52 741.40 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 347.25 741.40 Td ( ) Tj ET Q q 0 0 0 rg BT 349.73 741.40 Td (Any ) Tj ET Q q 0 0 0 rg BT 371.86 741.40 Td (signature ) Tj ET Q q 0 0 0 rg BT 415.36 741.40 Td (delivered ) Tj ET Q q 0 0 0 rg BT 459.47 741.40 Td (by ) Tj ET Q q 0 0 0 rg BT 473.65 741.40 Td (a ) Tj ET Q q 0 0 0 rg BT 481.72 741.40 Td (party ) Tj ET Q q 0 0 0 rg BT 507.50 741.40 Td (by ) Tj ET Q q 0 0 0 rg BT 521.68 741.40 Td (facsimile ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 728.20 Td (transmission ) Tj ET Q q 0 0 0 rg BT 108.36 728.20 Td (shall ) Tj ET Q q 0 0 0 rg BT 131.89 728.20 Td (be ) Tj ET Q q 0 0 0 rg BT 145.02 728.20 Td (deemed ) Tj ET Q q 0 0 0 rg BT 181.97 728.20 Td (to ) Tj ET Q q 0 0 0 rg BT 193.28 728.20 Td (be ) Tj ET Q q 0 0 0 rg BT 206.41 728.20 Td (an ) Tj ET Q q 0 0 0 rg BT 219.54 728.20 Td (original ) Tj ET Q q 0 0 0 rg BT 256.51 728.20 Td (signature ) Tj ET Q q 0 0 0 rg BT 299.58 728.20 Td (hereto.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 715.00 Td (12. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 158 713.53369140625 m 227.4921875 713.53369140625 l s q 0 0 0 rg BT 158.00 715.00 Td (Governing ) Tj ET Q q 0 0 0 rg BT 208.30 715.00 Td (Law) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 227.14 715.00 Td (. ) Tj ET Q q 0 0 0 rg BT 233.14 715.00 Td ( ) Tj ET Q q 0 0 0 rg BT 236.17 715.00 Td (This ) Tj ET Q q 0 0 0 rg BT 258.26 715.00 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 315.90 715.00 Td (is ) Tj ET Q q 0 0 0 rg BT 326.49 715.00 Td (a ) Tj ET Q q 0 0 0 rg BT 334.64 715.00 Td (Loan ) Tj ET Q q 0 0 0 rg BT 360.50 715.00 Td (Document ) Tj ET Q q 0 0 0 rg BT 409.58 715.00 Td (and ) Tj ET Q q 0 0 0 rg BT 428.72 715.00 Td (is ) Tj ET Q q 0 0 0 rg BT 439.31 715.00 Td (governed ) Tj ET Q q 0 0 0 rg BT 483.50 715.00 Td (by ) Tj ET Q q 0 0 0 rg BT 497.76 715.00 Td (the ) Tj ET Q q 0 0 0 rg BT 513.74 715.00 Td (Applicable ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 701.80 Td (Law ) Tj ET Q q 0 0 0 rg BT 71.68 701.80 Td (pertaining ) Tj ET Q q 0 0 0 rg BT 118.41 701.80 Td (in ) Tj ET Q q 0 0 0 rg BT 129.10 701.80 Td (the ) Tj ET Q q 0 0 0 rg BT 144.68 701.80 Td (State ) Tj ET Q q 0 0 0 rg BT 168.81 701.80 Td (of ) Tj ET Q q 0 0 0 rg BT 180.11 701.80 Td (New ) Tj ET Q q 0 0 0 rg BT 202.69 701.80 Td (Y) Tj ET Q q 0 0 0 rg BT 209.54 701.80 Td (ork, ) Tj ET Q q 0 0 0 rg BT 229.08 701.80 Td (other ) Tj ET Q q 0 0 0 rg BT 253.82 701.80 Td (than ) Tj ET Q q 0 0 0 rg BT 274.90 701.80 Td (those ) Tj ET Q q 0 0 0 rg BT 300.25 701.80 Td (conflict ) Tj ET Q q 0 0 0 rg BT 335.98 701.80 Td (of ) Tj ET Q q 0 0 0 rg BT 347.28 701.80 Td (law ) Tj ET Q q 0 0 0 rg BT 365.30 701.80 Td (provisions ) Tj ET Q q 0 0 0 rg BT 413.27 701.80 Td (that ) Tj ET Q q 0 0 0 rg BT 431.90 701.80 Td (would ) Tj ET Q q 0 0 0 rg BT 461.53 701.80 Td (defer ) Tj ET Q q 0 0 0 rg BT 486.26 701.80 Td (to ) Tj ET Q q 0 0 0 rg BT 496.95 701.80 Td (the ) Tj ET Q q 0 0 0 rg BT 512.53 701.80 Td (substantive ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 688.60 Td (laws ) Tj ET Q q 0 0 0 rg BT 73.30 688.60 Td (of ) Tj ET Q q 0 0 0 rg BT 85.59 688.60 Td (another ) Tj ET Q q 0 0 0 rg BT 121.71 688.60 Td (jurisdiction. ) Tj ET Q q 0 0 0 rg BT 177.70 688.60 Td ( ) Tj ET Q q 0 0 0 rg BT 180.61 688.60 Td (This ) Tj ET Q q 0 0 0 rg BT 203.30 688.60 Td (governing ) Tj ET Q q 0 0 0 rg BT 251.04 688.60 Td (law ) Tj ET Q q 0 0 0 rg BT 270.05 688.60 Td (election ) Tj ET Q q 0 0 0 rg BT 308.00 688.60 Td (has ) Tj ET Q q 0 0 0 rg BT 325.80 688.60 Td (been ) Tj ET Q q 0 0 0 rg BT 349.70 688.60 Td (made ) Tj ET Q q 0 0 0 rg BT 376.66 688.60 Td (by ) Tj ET Q q 0 0 0 rg BT 390.79 688.60 Td (the ) Tj ET Q q 0 0 0 rg BT 407.36 688.60 Td (parties ) Tj ET Q q 0 0 0 rg BT 439.82 688.60 Td (in ) Tj ET Q q 0 0 0 rg BT 451.51 688.60 Td (reliance ) Tj ET Q q 0 0 0 rg BT 489.45 688.60 Td (on, ) Tj ET Q q 0 0 0 rg BT 506.33 688.60 Td (among ) Tj ET Q q 0 0 0 rg BT 539.40 688.60 Td (other ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 675.40 Td (things, ) Tj ET Q q 0 0 0 rg BT 82.75 675.40 Td ( ) Tj ET Q q 0 0 0 rg BT 85.85 675.40 Td (Section ) Tj ET Q q 0 0 0 rg BT 121.94 675.40 Td (5-1401 ) Tj ET Q q 0 0 0 rg BT 156.21 675.40 Td (of ) Tj ET Q q 0 0 0 rg BT 168.47 675.40 Td (the ) Tj ET Q q 0 0 0 rg BT 185.01 675.40 Td (General ) Tj ET Q q 0 0 0 rg BT 222.93 675.40 Td (Obligations ) Tj ET Q q 0 0 0 rg BT 277.36 675.40 Td (Law ) Tj ET Q q 0 0 0 rg BT 300.01 675.40 Td (of ) Tj ET Q q 0 0 0 rg BT 312.27 675.40 Td (the ) Tj ET Q q 0 0 0 rg BT 328.81 675.40 Td (State ) Tj ET Q q 0 0 0 rg BT 353.91 675.40 Td (of ) Tj ET Q q 0 0 0 rg BT 366.18 675.40 Td (New ) Tj ET Q q 0 0 0 rg BT 389.59 675.40 Td (Y) Tj ET Q q 0 0 0 rg BT 396.43 675.40 Td (ork, ) Tj ET Q q 0 0 0 rg BT 416.94 675.40 Td (as ) Tj ET Q q 0 0 0 rg BT 429.21 675.40 Td (amended ) Tj ET Q q 0 0 0 rg BT 472.02 675.40 Td (\(as ) Tj ET Q q 0 0 0 rg BT 487.94 675.40 Td (and ) Tj ET Q q 0 0 0 rg BT 506.93 675.40 Td (to ) Tj ET Q q 0 0 0 rg BT 518.59 675.40 Td (the ) Tj ET Q q 0 0 0 rg BT 535.13 675.40 Td (extent ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 662.20 Td (applicable\), ) Tj ET Q q 0 0 0 rg BT 104.36 662.20 Td (and ) Tj ET Q q 0 0 0 rg BT 122.99 662.20 Td (other ) Tj ET Q q 0 0 0 rg BT 147.74 662.20 Td (Applicable ) Tj ET Q q 0 0 0 rg BT 198.75 662.20 Td (Law) Tj ET Q q 0 0 0 rg BT 217.58 662.20 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 649.00 Td (13. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 158 647.53369140625 m 262.076171875 647.53369140625 l s q 0 0 0 rg BT 158.00 649.00 Td (Successors ) Tj ET Q q 0 0 0 rg BT 209.13 649.00 Td (and ) Tj ET Q q 0 0 0 rg BT 227.23 649.00 Td (Assigns) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 262.08 649.00 Td (. ) Tj ET Q q 0 0 0 rg BT 267.68 649.00 Td ( ) Tj ET Q q 0 0 0 rg BT 270.33 649.00 Td (This ) Tj ET Q q 0 0 0 rg BT 292.11 649.00 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 349.35 649.00 Td (shall ) Tj ET Q q 0 0 0 rg BT 372.98 649.00 Td (be ) Tj ET Q q 0 0 0 rg BT 386.22 649.00 Td (binding ) Tj ET Q q 0 0 0 rg BT 422.68 649.00 Td (upon ) Tj ET Q q 0 0 0 rg BT 447.54 649.00 Td (and ) Tj ET Q q 0 0 0 rg BT 466.28 649.00 Td (inure ) Tj ET Q q 0 0 0 rg BT 491.74 649.00 Td (to ) Tj ET Q q 0 0 0 rg BT 503.15 649.00 Td (the ) Tj ET Q q 0 0 0 rg BT 519.44 649.00 Td (benefit ) Tj ET Q q 0 0 0 rg BT 552.84 649.00 Td (of ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 635.80 Td (Borrowers, ) Tj ET Q q 0 0 0 rg BT 101.05 635.80 Td (Lenders, ) Tj ET Q q 0 0 0 rg BT 140.67 635.80 Td (Agent, ) Tj ET Q q 0 0 0 rg BT 172.17 635.80 Td (and ) Tj ET Q q 0 0 0 rg BT 189.91 635.80 Td (all ) Tj ET Q q 0 0 0 rg BT 202.77 635.80 Td (future ) Tj ET Q q 0 0 0 rg BT 230.90 635.80 Td (holders ) Tj ET Q q 0 0 0 rg BT 265.14 635.80 Td (of ) Tj ET Q q 0 0 0 rg BT 276.17 635.80 Td (the ) Tj ET Q q 0 0 0 rg BT 291.47 635.80 Td (Obligations ) Tj ET Q q 0 0 0 rg BT 344.66 635.80 Td (and ) Tj ET Q q 0 0 0 rg BT 362.41 635.80 Td (their ) Tj ET Q q 0 0 0 rg BT 384.43 635.80 Td (respective ) Tj ET Q q 0 0 0 rg BT 430.87 635.80 Td (successors ) Tj ET Q q 0 0 0 rg BT 479.17 635.80 Td (and ) Tj ET Q q 0 0 0 rg BT 496.91 635.80 Td (assigns, ) Tj ET Q q 0 0 0 rg BT 533.31 635.80 Td (except ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 622.60 Td (that ) Tj ET Q q 0 0 0 rg BT 68.61 622.60 Td (no ) Tj ET Q q 0 0 0 rg BT 81.72 622.60 Td (Borrower ) Tj ET Q q 0 0 0 rg BT 125.99 622.60 Td (may ) Tj ET Q q 0 0 0 rg BT 147.04 622.60 Td (assign ) Tj ET Q q 0 0 0 rg BT 176.66 622.60 Td (or ) Tj ET Q q 0 0 0 rg BT 187.94 622.60 Td (transfer ) Tj ET Q q 0 0 0 rg BT 223.64 622.60 Td (any ) Tj ET Q q 0 0 0 rg BT 241.64 622.60 Td (of ) Tj ET Q q 0 0 0 rg BT 252.92 622.60 Td (its ) Tj ET Q q 0 0 0 rg BT 265.43 622.60 Td (rights ) Tj ET Q q 0 0 0 rg BT 292.60 622.60 Td (or ) Tj ET Q q 0 0 0 rg BT 303.87 622.60 Td (obligations ) Tj ET Q q 0 0 0 rg BT 354.88 622.60 Td (under ) Tj ET Q q 0 0 0 rg BT 382.04 622.60 Td (this ) Tj ET Q q 0 0 0 rg BT 399.58 622.60 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 456.07 622.60 Td (without ) Tj ET Q q 0 0 0 rg BT 491.80 622.60 Td (the ) Tj ET Q q 0 0 0 rg BT 507.35 622.60 Td (prior ) Tj ET Q q 0 0 0 rg BT 530.85 622.60 Td (written ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 609.40 Td (consent ) Tj ET Q q 0 0 0 rg BT 86.35 609.40 Td (of ) Tj ET Q q 0 0 0 rg BT 97.66 609.40 Td (Agent.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 596.20 Td (14. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 158 594.73369140625 m 255.21923828125 594.73369140625 l s q 0 0 0 rg BT 158.00 596.20 Td (Attorneys) Tj ET Q q 0 0 0 rg BT 204.23 596.20 Td ( ) Tj ET Q q 0 0 0 rg BT 205.89 596.20 Td (Fees; ) Tj ET Q q 0 0 0 rg BT 230.76 596.20 Td (Costs) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 255.22 596.20 Td (. ) Tj ET Q q 0 0 0 rg BT 259.63 596.20 Td ( ) Tj ET Q q 0 0 0 rg BT 261.29 596.20 Td (Borrowers ) Tj ET Q q 0 0 0 rg BT 309.38 596.20 Td (agree ) Tj ET Q q 0 0 0 rg BT 334.85 596.20 Td (to ) Tj ET Q q 0 0 0 rg BT 345.06 596.20 Td (promptly ) Tj ET Q q 0 0 0 rg BT 387.05 596.20 Td (pay) Tj ET Q q 0 0 0 rg BT 402.22 596.20 Td (, ) Tj ET Q q 0 0 0 rg BT 406.63 596.20 Td (upon ) Tj ET Q q 0 0 0 rg BT 430.28 596.20 Td (written ) Tj ET Q q 0 0 0 rg BT 463.10 596.20 Td (demand, ) Tj ET Q q 0 0 0 rg BT 502.33 596.20 Td (all ) Tj ET Q q 0 0 0 rg BT 514.98 596.20 Td (reasonable ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 583.00 Td (and ) Tj ET Q q 0 0 0 rg BT 68.80 583.00 Td (documented ) Tj ET Q q 0 0 0 rg BT 125.48 583.00 Td (attorneys) Tj ET Q q 0 0 0 rg BT 168.65 583.00 Td ( ) Tj ET Q q 0 0 0 rg BT 171.57 583.00 Td (fees ) Tj ET Q q 0 0 0 rg BT 192.20 583.00 Td (and ) Tj ET Q q 0 0 0 rg BT 211.00 583.00 Td (costs ) Tj ET Q q 0 0 0 rg BT 235.92 583.00 Td (incurred ) Tj ET Q q 0 0 0 rg BT 275.49 583.00 Td (in ) Tj ET Q q 0 0 0 rg BT 286.97 583.00 Td (connection ) Tj ET Q q 0 0 0 rg BT 338.15 583.00 Td (with ) Tj ET Q q 0 0 0 rg BT 360.62 583.00 Td (the ) Tj ET Q q 0 0 0 rg BT 376.98 583.00 Td (negotiation, ) Tj ET Q q 0 0 0 rg BT 432.14 583.00 Td (documentation ) Tj ET Q q 0 0 0 rg BT 500.43 583.00 Td (and ) Tj ET Q q 0 0 0 rg BT 519.24 583.00 Td (execution ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 569.80 Td (of ) Tj ET Q q 0 0 0 rg BT 61.32 569.80 Td (this ) Tj ET Q q 0 0 0 rg BT 78.90 569.80 Td (Amendment. ) Tj ET Q q 0 0 0 rg BT 138.18 569.80 Td ( ) Tj ET Q q 0 0 0 rg BT 140.34 569.80 Td (If ) Tj ET Q q 0 0 0 rg BT 149.82 569.80 Td (any ) Tj ET Q q 0 0 0 rg BT 167.86 569.80 Td (legal ) Tj ET Q q 0 0 0 rg BT 191.40 569.80 Td (action ) Tj ET Q q 0 0 0 rg BT 220.43 569.80 Td (or ) Tj ET Q q 0 0 0 rg BT 231.75 569.80 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 282.78 569.80 Td (shall ) Tj ET Q q 0 0 0 rg BT 305.71 569.80 Td (be ) Tj ET Q q 0 0 0 rg BT 318.25 569.80 Td (commenced ) Tj ET Q q 0 0 0 rg BT 373.55 569.80 Td (at ) Tj ET Q q 0 0 0 rg BT 383.64 569.80 Td (any ) Tj ET Q q 0 0 0 rg BT 401.68 569.80 Td (time ) Tj ET Q q 0 0 0 rg BT 423.39 569.80 Td (by ) Tj ET Q q 0 0 0 rg BT 436.55 569.80 Td (any ) Tj ET Q q 0 0 0 rg BT 454.59 569.80 Td (party ) Tj ET Q q 0 0 0 rg BT 479.35 569.80 Td (to ) Tj ET Q q 0 0 0 rg BT 490.06 569.80 Td (this ) Tj ET Q q 0 0 0 rg BT 507.64 569.80 Td (Amendment ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 556.60 Td (in ) Tj ET Q q 0 0 0 rg BT 61.24 556.60 Td (connection ) Tj ET Q q 0 0 0 rg BT 112.18 556.60 Td (with ) Tj ET Q q 0 0 0 rg BT 134.42 556.60 Td (its ) Tj ET Q q 0 0 0 rg BT 147.49 556.60 Td (interpretation ) Tj ET Q q 0 0 0 rg BT 209.43 556.60 Td (or ) Tj ET Q q 0 0 0 rg BT 221.27 556.60 Td (enforcement, ) Tj ET Q q 0 0 0 rg BT 281.67 556.60 Td (the ) Tj ET Q q 0 0 0 rg BT 297.79 556.60 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 345.07 556.60 Td (party ) Tj ET Q q 0 0 0 rg BT 370.35 556.60 Td (or ) Tj ET Q q 0 0 0 rg BT 382.20 556.60 Td (parties ) Tj ET Q q 0 0 0 rg BT 414.20 556.60 Td (in ) Tj ET Q q 0 0 0 rg BT 425.44 556.60 Td (such ) Tj ET Q q 0 0 0 rg BT 448.28 556.60 Td (action ) Tj ET Q q 0 0 0 rg BT 477.84 556.60 Td (or ) Tj ET Q q 0 0 0 rg BT 489.69 556.60 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 541.23 556.60 Td (shall ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 543.40 Td (be ) Tj ET Q q 0 0 0 rg BT 62.65 543.40 Td (entitled ) Tj ET Q q 0 0 0 rg BT 97.92 543.40 Td (to ) Tj ET Q q 0 0 0 rg BT 108.74 543.40 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 176.99 543.40 Td (of ) Tj ET Q q 0 0 0 rg BT 188.43 543.40 Td (its ) Tj ET Q q 0 0 0 rg BT 201.09 543.40 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 250.40 543.40 Td (attorneys) Tj ET Q q 0 0 0 rg BT 293.56 543.40 Td ( ) Tj ET Q q 0 0 0 rg BT 295.83 543.40 Td (fees ) Tj ET Q q 0 0 0 rg BT 315.82 543.40 Td (and ) Tj ET Q q 0 0 0 rg BT 333.97 543.40 Td (costs ) Tj ET Q q 0 0 0 rg BT 358.24 543.40 Td (in ) Tj ET Q q 0 0 0 rg BT 369.07 543.40 Td (connection ) Tj ET Q q 0 0 0 rg BT 419.60 543.40 Td (therewith, ) Tj ET Q q 0 0 0 rg BT 466.16 543.40 Td (in ) Tj ET Q q 0 0 0 rg BT 476.99 543.40 Td (addition ) Tj ET Q q 0 0 0 rg BT 515.31 543.40 Td (to ) Tj ET Q q 0 0 0 rg BT 526.14 543.40 Td (all ) Tj ET Q q 0 0 0 rg BT 539.41 543.40 Td (other ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 530.20 Td (relief ) Tj ET Q q 0 0 0 rg BT 75.95 530.20 Td (to ) Tj ET Q q 0 0 0 rg BT 87.26 530.20 Td (which ) Tj ET Q q 0 0 0 rg BT 116.89 530.20 Td (the ) Tj ET Q q 0 0 0 rg BT 133.08 530.20 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 180.43 530.20 Td (party ) Tj ET Q q 0 0 0 rg BT 205.78 530.20 Td (or ) Tj ET Q q 0 0 0 rg BT 217.69 530.20 Td (parties ) Tj ET Q q 0 0 0 rg BT 249.76 530.20 Td (may ) Tj ET Q q 0 0 0 rg BT 271.45 530.20 Td (be ) Tj ET Q q 0 0 0 rg BT 284.58 530.20 Td (entitled.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 517.00 Td (15. ) Tj ET Q BT /F1 11.00 Tf ET 0 0 0 RG /GS0 gs 0.54 w 0 i [] 0 d 1 J 1 j 3 M 158 515.53369140625 m 231.94384765625 515.53369140625 l s q 0 0 0 rg BT 158.00 517.00 Td (Jury ) Tj ET Q q 0 0 0 rg BT 178.36 517.00 Td (T) Tj ET Q q 0 0 0 rg BT 184.69 517.00 Td (rial ) Tj ET Q q 0 0 0 rg BT 200.76 517.00 Td (W) Tj ET Q q 0 0 0 rg BT 210.26 517.00 Td (aiver) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 231.64 517.00 Td (. ) Tj ET Q q 0 0 0 rg BT 235.91 517.00 Td ( ) Tj ET Q q 0 0 0 rg BT 237.33 517.00 Td (T) Tj ET Q q 0 0 0 rg BT 243.28 517.00 Td (o ) Tj ET Q q 0 0 0 rg BT 250.30 517.00 Td (the ) Tj ET Q q 0 0 0 rg BT 265.27 517.00 Td (extent ) Tj ET Q q 0 0 0 rg BT 293.67 517.00 Td (not ) Tj ET Q q 0 0 0 rg BT 309.25 517.00 Td (prohibited ) Tj ET Q q 0 0 0 rg BT 355.98 517.00 Td (by ) Tj ET Q q 0 0 0 rg BT 368.51 517.00 Td (applicable ) Tj ET Q q 0 0 0 rg BT 415.23 517.00 Td (law) Tj ET Q q 0 0 0 rg BT 430.40 517.00 Td (, ) Tj ET Q q 0 0 0 rg BT 434.67 517.00 Td (each ) Tj ET Q q 0 0 0 rg BT 456.34 517.00 Td (party ) Tj ET Q q 0 0 0 rg BT 480.47 517.00 Td (to ) Tj ET Q q 0 0 0 rg BT 490.55 517.00 Td (this ) Tj ET Q q 0 0 0 rg BT 507.63 517.00 Td (Amendment ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 502.60 Td (hereby ) Tj ET Q q 0 0 0 rg BT 82.98 502.60 Td (expressly ) Tj ET Q q 0 0 0 rg BT 127.57 502.60 Td (waives ) Tj ET Q q 0 0 0 rg BT 161.17 502.60 Td (any ) Tj ET Q q 0 0 0 rg BT 180.10 502.60 Td (right ) Tj ET Q q 0 0 0 rg BT 203.92 502.60 Td (to ) Tj ET Q q 0 0 0 rg BT 215.53 502.60 Td (trial ) Tj ET Q q 0 0 0 rg BT 236.29 502.60 Td (by ) Tj ET Q q 0 0 0 rg BT 250.34 502.60 Td (jury ) Tj ET Q q 0 0 0 rg BT 271.11 502.60 Td (of ) Tj ET Q q 0 0 0 rg BT 283.32 502.60 Td (any ) Tj ET Q q 0 0 0 rg BT 302.25 502.60 Td (claim, ) Tj ET Q q 0 0 0 rg BT 332.49 502.60 Td (demand, ) Tj ET Q q 0 0 0 rg BT 373.11 502.60 Td (action, ) Tj ET Q q 0 0 0 rg BT 405.78 502.60 Td (or ) Tj ET Q q 0 0 0 rg BT 417.99 502.60 Td (cause ) Tj ET Q q 0 0 0 rg BT 445.47 502.60 Td (of ) Tj ET Q q 0 0 0 rg BT 457.68 502.60 Td (action ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 487.61 502.60 Td (\(a\)) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 500.93 502.60 Td ( ) Tj ET Q q 0 0 0 rg BT 503.98 502.60 Td (arising ) Tj ET Q q 0 0 0 rg BT 536.97 502.60 Td (under ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 50.00 489.40 Td (this ) Tj ET Q q 0 0 0 rg BT 68.36 489.40 Td (Amendment ) Tj ET Q q 0 0 0 rg BT 125.91 489.40 Td (or ) Tj ET Q q 0 0 0 rg BT 138.24 489.40 Td (any ) Tj ET Q q 0 0 0 rg BT 157.29 489.40 Td (other ) Tj ET Q q 0 0 0 rg BT 183.06 489.40 Td (instrument, ) Tj ET Q q 0 0 0 rg BT 236.02 489.40 Td (document, ) Tj ET Q q 0 0 0 rg BT 285.32 489.40 Td (or ) Tj ET Q q 0 0 0 rg BT 297.65 489.40 Td (agreement ) Tj ET Q q 0 0 0 rg BT 346.62 489.40 Td (executed ) Tj ET Q q 0 0 0 rg BT 388.87 489.40 Td (or ) Tj ET Q q 0 0 0 rg BT 401.20 489.40 Td (delivered ) Tj ET Q q 0 0 0 rg BT 445.29 489.40 Td (in ) Tj ET Q q 0 0 0 rg BT 457.02 489.40 Td (connection ) Tj ET Q q 0 0 0 rg BT 508.44 489.40 Td (herewith, ) Tj ET Q q 0 0 0 rg BT 552.85 489.40 Td (or ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 475.00 Td (\(b\)) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 63.99 475.00 Td (in ) Tj ET Q q 0 0 0 rg BT 77.76 475.00 Td (any ) Tj ET Q q 0 0 0 rg BT 96.11 475.00 Td (way ) Tj ET Q q 0 0 0 rg BT 116.90 475.00 Td (connected ) Tj ET Q q 0 0 0 rg BT 163.95 475.00 Td (with ) Tj ET Q q 0 0 0 rg BT 185.98 475.00 Td (or ) Tj ET Q q 0 0 0 rg BT 197.60 475.00 Td (related ) Tj ET Q q 0 0 0 rg BT 229.99 475.00 Td (or ) Tj ET Q q 0 0 0 rg BT 241.62 475.00 Td (incidental ) Tj ET Q q 0 0 0 rg BT 287.46 475.00 Td (to ) Tj ET Q q 0 0 0 rg BT 298.48 475.00 Td (the ) Tj ET Q q 0 0 0 rg BT 314.38 475.00 Td (dealings ) Tj ET Q q 0 0 0 rg BT 353.50 475.00 Td (of ) Tj ET Q q 0 0 0 rg BT 365.13 475.00 Td (the ) Tj ET Q q 0 0 0 rg BT 381.04 475.00 Td (parties ) Tj ET Q q 0 0 0 rg BT 412.82 475.00 Td (hereto ) Tj ET Q q 0 0 0 rg BT 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Dose) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 266.00 501.10 Td (T) Tj ET Q q 0 0 0 rg BT 272.33 501.10 Td (itle: ) Tj ET Q q 0 0 0 rg BT 300.24 501.10 Td (V) Tj ET Q q 0 0 0 rg BT 307.52 501.10 Td (ice President) Tj ET Q endstream endobj 161 0 obj <> endobj 162 0 obj <> stream BT /F1 11.00 Tf ET q 0 0 0 rg BT 266.00 741.40 Td (PNC BANK, NA) Tj ET Q q 0 0 0 rg BT 341.49 741.40 Td (TIONAL) Tj ET Q q 0 0 0 rg BT 382.01 741.40 Td ( ) Tj ET Q q 0 0 0 rg BT 384.15 741.40 Td (ASSOCIA) Tj ET Q q 0 0 0 rg BT 430.00 741.40 Td (TION,) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 266.00 728.20 Td (as Lender and as ) Tj ET Q q 0 0 0 rg BT 341.75 728.20 Td (Agent) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 266.00 691.00 Td (By:_____/s/Jeanette ) Tj ET Q q 0 0 0 rg BT 357.76 691.00 Td (V) Tj ET Q q 0 0 0 rg BT 364.48 691.00 Td (andenber) Tj ET Q q 0 0 0 rg BT 404.60 691.00 Td (gh___) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.10 691.00 Td ( ) Tj ET Q q 0 0 0 rg BT 446.00 691.00 Td ( ) Tj ET Q q 0 0 0 rg BT 482.00 691.00 Td ( ) Tj ET Q q 0 0 0 rg BT 518.00 691.00 Td ( ) Tj ET Q q 0 0 0 rg BT 554.00 691.00 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 266.00 677.80 Td (Name:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.32 677.80 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 302.00 677.80 Td (Jeanette ) Tj ET Q q 0 0 0 rg BT 339.97 677.80 Td (V) Tj ET Q q 0 0 0 rg BT 346.70 677.80 Td (andenber) Tj ET Q q 0 0 0 rg BT 386.81 677.80 Td (gh) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 266.00 664.60 Td (T) Tj ET Q q 0 0 0 rg BT 272.33 664.60 Td (itle: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.19 664.60 Td ( ) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 302.00 664.60 Td (Senior ) Tj ET Q q 0 0 0 rg BT 333.27 664.60 Td (V) Tj ET Q q 0 0 0 rg BT 340.55 664.60 Td (ice President) Tj ET Q endstream endobj 163 0 obj <> endobj 164 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 742.25 Td (Exhibit21.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.10 721.25 Td (LIST) Tj ET Q q 0 0 0 rg BT 272.71 721.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 288.73 721.25 Td ( SUBSIDIARIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 700.25 Td (V) Tj ET Q q 0 0 0 rg BT 292.62 700.25 Td (irco Inc.) 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Corporation 1997 Stock Incentive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 660.05 Td (Plan,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 648.05 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 648.05 Td (Registration Statement \(Form S-8 No.333-51717\) pertaining to the ) Tj ET Q q 0 0 0 rg BT 358.00 648.05 Td (V) Tj ET Q q 0 0 0 rg BT 364.62 648.05 Td (irco Mfg. Corporation Employee Stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 636.05 Td (Ownership Plan,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 624.05 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 624.05 Td (Registration Statement \(Form S-8 No.333-74832\) pertaining to the ) Tj ET Q q 0 0 0 rg BT 358.00 624.05 Td (V) Tj ET Q q 0 0 0 rg BT 364.62 624.05 Td (irco Mfg. Corporation 401\(K\) Savings Plan,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 612.05 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 612.05 Td (Registration Statement \(Form S-8 No.333-143874\) pertaining to the ) Tj ET Q q 0 0 0 rg BT 363.00 612.05 Td (V) Tj ET Q q 0 0 0 rg BT 369.62 612.05 Td (irco Mfg. Corporation 2007 Stock Incentive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 600.05 Td (Plan,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 588.05 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 588.05 Td (Registration Statement \(Form S-8 No. 333-175638\) pertaining to the ) Tj ET Q q 0 0 0 rg BT 363.00 588.05 Td (V) Tj ET Q q 0 0 0 rg BT 369.62 588.05 Td (irco Mfg. Corporation 201) Tj ET Q q 0 0 0 rg BT 475.35 588.05 Td (1 Stock Incentive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 576.05 Td (Plan, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 564.05 Td (\(6\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 564.05 Td (Registration Statement \(Form S-8 No. 333-198723\) pertaining to the ) Tj ET Q q 0 0 0 rg BT 363.00 564.05 Td (V) Tj ET Q q 0 0 0 rg BT 369.62 564.05 Td (irco Mfg. Corporation 201) Tj ET Q q 0 0 0 rg BT 475.35 564.05 Td (1 Stock Incentive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 552.05 Td (Plan, and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 540.05 Td (\(7\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 540.05 Td (Registration Statement \(Form S-3 No. 333-135618\) of ) Tj ET Q q 0 0 0 rg BT 305.79 540.05 Td (V) Tj ET Q q 0 0 0 rg BT 312.42 540.05 Td (irco Mfg. 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.00 438.05 Td (/s/ Ernst& ) Tj ET Q q 0 0 0 rg BT 413.46 438.05 Td (Y) Tj ET Q q 0 0 0 rg BT 419.68 438.05 Td (oung LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.05 Td (Los ) Tj ET Q q 0 0 0 rg BT 66.95 412.05 Td (Angeles, California) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.05 Td (April24, 2015) Tj ET Q endstream endobj 167 0 obj <> endobj 168 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 742.25 Td (Exhibit 31.1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.90 725.25 Td (CER) Tj ET Q q 0 0 0 rg BT 283.66 725.25 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 317.92 725.25 Td (TIONS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 708.25 Td (I, Robert ) Tj ET Q q 0 0 0 rg BT 87.50 708.25 Td (A. ) Tj ET Q q 0 0 0 rg BT 99.54 708.25 Td (V) Tj ET Q q 0 0 0 rg BT 106.16 708.25 Td (irtue, certify that: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 691.25 Td (1. I have reviewed this Form 10-K of ) Tj ET Q q 0 0 0 rg BT 214.67 691.25 Td (V) Tj ET Q q 0 0 0 rg BT 221.29 691.25 Td (irco Mfg. Corporation; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 674.25 Td (2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 662.25 Td (fact necessary to make the statements made, in light of the circumstances under which such statements were made, not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 650.25 Td (misleading with respect to the period covered by this report; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 633.25 Td (3. 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) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 510.25 Td (\(b\) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 498.25 Td (designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 486.25 Td (preparation of financial statements for external purposes in accordance with generally accepted accounting principles; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 469.25 Td (\(c\) Evaluated the ef) Tj ET Q q 0 0 0 rg BT 155.38 469.25 Td (fectiveness of the registrant) Tj ET Q q 0 0 0 rg BT 268.40 469.25 Td (s disclosure controls and procedures and presented in this report our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 457.25 Td (conclusions about the ef) Tj ET Q q 0 0 0 rg BT 160.24 457.25 Td (fectiveness of the disclosure controls and procedures, as of the end of the period covered by this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 445.25 Td (report based on such evaluation; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 428.25 Td (\(d\) Disclosed in this report any change in the registrant) Tj ET Q q 0 0 0 rg BT 299.99 428.25 Td (s internal control over financial reporting that occurred during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 416.25 Td (the registrant) Tj ET Q q 0 0 0 rg BT 118.76 416.25 Td (s most recent fiscal quarter \(the registrant) Tj ET Q q 0 0 0 rg BT 287.58 416.25 Td (s fourth fiscal quarter in the case of an annual report\) that has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 404.25 Td (materially af) Tj ET Q q 0 0 0 rg BT 114.13 404.25 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 295.54 404.25 Td (fect, the registrant) Tj ET Q q 0 0 0 rg BT 370.79 404.25 Td (s internal control over financial reporting; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 387.25 Td (5. ) Tj ET Q q 0 0 0 rg BT 73.32 387.25 Td (The registrant) Tj ET Q q 0 0 0 rg BT 131.91 387.25 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 210.87 387.25 Td (ficer\(s\) and I have disclosed, based on our most recent evaluation of internal control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 375.25 Td (over financial reporting, to the registrant) Tj ET Q q 0 0 0 rg BT 214.94 375.25 Td (s auditors and the audit committee of the registrant) Tj ET Q q 0 0 0 rg BT 421.00 375.25 Td (s board of directors \(or persons ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 363.25 Td (performing the equivalent functions\): ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 346.25 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 90.05 346.25 Td (All significant deficiencies and material weaknesses in the design or operation of internal control over financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 334.25 Td (reporting which are reasonably likely to adversely af) Tj ET Q q 0 0 0 rg BT 274.07 334.25 Td (fect the registrant) Tj ET Q q 0 0 0 rg BT 346.82 334.25 Td (s ability to record, process, summarize and report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 322.25 Td (financial information; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 305.25 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 90.61 305.25 Td (Any fraud, whether or not material, that involves management or other employees who have a significant role in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 293.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 104.04 293.25 Td (s internal control over financial reporting. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 246.75 m 496.5 246.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 251.32 Td (/s/ Robert A. Virtue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 236.42 Td (Robert A. Virtue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 211.42 Td (Date: April 24, 2015) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 259.00 221.46 Td (Chief Executive Officer and Chairman of the Board) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 259.00 211.46 Td (\(Principal Executive Officer\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 169 0 obj <> endobj 170 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 742.25 Td (Exhibit 31.2 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.90 725.25 Td (CER) Tj ET Q q 0 0 0 rg BT 283.66 725.25 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 317.92 725.25 Td (TIONS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 708.25 Td (I, Robert E. Dose, certify that: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 691.25 Td (1. I have reviewed this Form 10-K of ) Tj ET Q q 0 0 0 rg BT 214.67 691.25 Td (V) Tj ET Q q 0 0 0 rg BT 221.29 691.25 Td (irco Mfg. Corporation; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 674.25 Td (2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 662.25 Td (fact necessary to make the statements made, in light of the circumstances under which such statements were made, not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 650.25 Td (misleading with respect to the period covered by this report; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 633.25 Td (3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 621.25 Td (all material respects the financial condition, results of operations and cash flows of the registrant as of, and for) Tj ET Q q 0 0 0 rg BT 491.12 621.25 Td (, the periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 609.25 Td (presented in this report; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 592.25 Td (4. ) Tj ET Q q 0 0 0 rg BT 73.32 592.25 Td (The registrant) Tj ET Q q 0 0 0 rg BT 131.91 592.25 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 210.87 592.25 Td (ficer\(s\) and I are responsible for establishing and maintaining disclosure controls and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (procedures \(as defined in Exchange ) Tj ET Q q 0 0 0 rg BT 194.66 580.25 Td (Act Rules 13a-15\(e\) and 15d-15\(e\)\) and internal control over financial reporting \(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (defined in Exchange ) Tj ET Q q 0 0 0 rg BT 134.14 568.25 Td (Act Rules 13a-15\(f\) and 15d-15\(f\)\) for the registrant and have: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 551.25 Td (\(a\) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 539.25 Td (under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 527.25 Td (is made known to us by others within those entities, particularly during the period in which this report is being prepared; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 510.25 Td (\(b\) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 498.25 Td (designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 486.25 Td (preparation of financial statements for external purposes in accordance with generally accepted accounting principles; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 469.25 Td (\(c\) Evaluated the ef) Tj ET Q q 0 0 0 rg BT 155.38 469.25 Td (fectiveness of the registrant) Tj ET Q q 0 0 0 rg BT 268.40 469.25 Td (s disclosure controls and procedures and presented in this report our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 457.25 Td (conclusions about the ef) Tj ET Q q 0 0 0 rg BT 160.24 457.25 Td (fectiveness of the disclosure controls and procedures, as of the end of the period covered by this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 445.25 Td (report based on such evaluation; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 428.25 Td (\(d\) Disclosed in this report any change in the registrant) Tj ET Q q 0 0 0 rg BT 299.99 428.25 Td (s internal control over financial reporting that occurred during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 416.25 Td (the registrant) Tj ET Q q 0 0 0 rg BT 118.76 416.25 Td (s most recent fiscal quarter \(the registrant) Tj ET Q q 0 0 0 rg BT 287.58 416.25 Td (s fourth fiscal quarter in the case of an annual report\) that has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 404.25 Td (materially af) Tj ET Q q 0 0 0 rg BT 114.13 404.25 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 295.54 404.25 Td (fect, the registrant) Tj ET Q q 0 0 0 rg BT 370.79 404.25 Td (s internal control over financial reporting; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 387.25 Td (5. ) Tj ET Q q 0 0 0 rg BT 73.32 387.25 Td (The registrant) Tj ET Q q 0 0 0 rg BT 131.91 387.25 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 210.87 387.25 Td (ficer\(s\) and I have disclosed, based on our most recent evaluation of internal control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 375.25 Td (over financial reporting, to the registrant) Tj ET Q q 0 0 0 rg BT 214.94 375.25 Td (s auditors and the audit committee of the registrant) Tj ET Q q 0 0 0 rg BT 421.00 375.25 Td (s board of directors \(or persons ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 363.25 Td (performing the equivalent functions\): ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 346.25 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 90.05 346.25 Td (All significant deficiencies and material weaknesses in the design or operation of internal control over financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 334.25 Td (reporting which are reasonably likely to adversely af) Tj ET Q q 0 0 0 rg BT 274.07 334.25 Td (fect the registrant) Tj ET Q q 0 0 0 rg BT 346.82 334.25 Td (s ability to record, process, summarize and report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 322.25 Td (financial information; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 305.25 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 90.61 305.25 Td (Any fraud, whether or not material, that involves management or other employees who have a significant role in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 293.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 104.04 293.25 Td (s internal control over financial reporting. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 246.75 m 496.5 246.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 251.32 Td (/s/ Robert E. Dose) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 236.42 Td (Robert E. Dose) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 211.42 Td (Date: April 24, 2015) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 259.00 221.46 Td (Vice President Finance, Secretary and Treasurer) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 259.00 211.46 Td (\(Principal Financial Officer\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 171 0 obj <> endobj 172 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 742.25 Td (Exhibit 32.1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.00 725.25 Td (CER) Tj ET Q q 0 0 0 rg BT 249.76 725.25 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 284.02 725.25 Td (TION PURSUANT) Tj ET Q q 0 0 0 rg BT 366.35 725.25 Td ( ) Tj ET Q q 0 0 0 rg BT 368.67 725.25 Td (T) Tj ET Q q 0 0 0 rg BT 375.16 725.25 Td (O ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.70 713.25 Td (18 U.S.C. SECTION 1350, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.50 701.25 Td (AS ) Tj ET Q q 0 0 0 rg BT 252.23 701.25 Td (ADOPTED PURSUANT) Tj ET Q q 0 0 0 rg BT 357.89 701.25 Td ( ) Tj ET Q q 0 0 0 rg BT 360.21 701.25 Td (T) Tj ET Q q 0 0 0 rg BT 366.70 701.25 Td (O ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.10 689.25 Td (SECTION 906 OF) Tj ET Q q 0 0 0 rg BT 255.63 689.25 Td ( ) Tj ET Q q 0 0 0 rg BT 257.95 689.25 Td (THE SARBANES-OXLEY) Tj ET Q q 0 0 0 rg BT 373.44 689.25 Td ( ) Tj ET Q q 0 0 0 rg BT 375.39 689.25 Td (ACT) Tj ET Q q 0 0 0 rg BT 396.32 689.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 412.33 689.25 Td ( 2002 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.25 Td (Each of the undersigned hereby certifies, in his capacity as an of) Tj ET Q q 0 0 0 rg BT 307.50 672.25 Td (ficer of ) Tj ET Q q 0 0 0 rg BT 338.96 672.25 Td (V) Tj ET Q q 0 0 0 rg BT 345.58 672.25 Td (irco Mfg. Corporation \(the Company\), for purposes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.25 Td (of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 393.84 660.25 Td (Act of 2002, that to his own knowledge: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 639.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 639.25 Td (The ) Tj ET Q q 0 0 0 rg BT 130.50 639.25 Td (Annual Report of the Company on Form 10-K for the period ended January 31, 2015, fully complies with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 627.25 Td (the requirements of Section 13\(a\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 358.20 627.25 Td (Act of 1934; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 606.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 606.25 Td (The information contained in such report fairly presents, in all material respects, the financial condition and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 594.25 Td (results of operation of the Company) Tj ET Q q 0 0 0 rg BT 256.49 594.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (Dated: ) Tj ET Q q 0 0 0 rg BT 78.60 556.25 Td (April 24, 2015) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 526.75 m 329.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 446.75 m 329.5 446.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 531.32 Td (/s/ Robert A. Virtue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 517.32 Td (Robert A. Virtue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 502.42 Td (Chief Executive Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 488.32 Td (and Chairman of the Board) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 474.32 Td (\(Principal Executive Officer\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 451.32 Td (/s/ Robert E. Dose) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 436.42 Td (Robert E. Dose) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 421.42 Td (Vice President Finance, Secretary and Treasurer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 407.32 Td (\(Principal Financial Officer\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 382.25 Td ( signed original of this written statement required by Section 906 has been provided to ) Tj ET Q q 0 0 0 rg BT 404.47 382.25 Td (V) Tj ET Q q 0 0 0 rg BT 411.09 382.25 Td (irco Mfg. Corporation and will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (retained by ) Tj ET Q q 0 0 0 rg BT 97.02 370.25 Td (V) Tj ET Q q 0 0 0 rg BT 103.64 370.25 Td (irco Mfg. Corporation and furnished to the Securities and Exchange Commission or its staf) Tj ET Q q 0 0 0 rg BT 467.84 370.25 Td (f upon request. ) Tj ET Q endstream endobj 173 0 obj <> /View <>>>>> endobj 174 0 obj <> /View <>>>>> endobj 175 0 obj <> endobj 176 0 obj <> stream xy\E7~n{{w'd'52 HaGPPA!"" b-&h,+TLy?:uk?uΩoH""?W~.Xv3&rm 2\jMgwm'CڴzlycǏ\ rBjx\DsV@{twocmC{Iwl11z:1m!t-\q3D.:yz'Wɨp[_F=>E"ǢӦ/|K&_~=!wn-az3¦h$7,ؑ2Oo_eSFLlk}Fg[F>|;